The Federal Board of Revenue (FBR) recorded a historic 36% year-over-year growth during the first five months of the current fiscal year, according to provisional data compiled by the tax body.
According to the data, FBR collected Rs2.313 trillion during the five months from July to November compared to Rs1.695 trillion during the same period last year.
The report shows that the collected revenue exceeded the target of Rs2.016 trillion by Rs297 billion for the current financial year, marking a “historic growth”.
Additionally, the net collection for the month of November 2021 stood at Rs. 470 Billion while the target was fixed at Rs. 408 billion, which marked an increase of 35.2 % against Rs 348 billion collected in November, last year. FBR said that these figures would further improve before the close of the day and after book adjustments have been taken into account.
PM lauds FBR on 35% increase in Nov revenues
In a recent tweet, Prime Minister Imran Khan lauded the FBR for attaining an increase of 35% in the net revenue of November this year compared to the same month in 2020. Adding that the revenue collected this month is a “37% increase in five months over last year.”
“Congratulations to the FBR team for achieving a 35% increase in revenues in November over last year,” said the PM.
The Income Tax (IT) collection during the first five months was recorded at Rs. 761billion against the target of Rs. 705 billion, showing an increase of Rs. 56 billion. This year’s IT collection showed growth of 30.75% when compared with Rs. 582 billion collected during the same period last year.
Addressing a recent press conference, Adviser on Finance and Revenue Shaukat Tarin had said that the new FBR revenue target will be set at Rs6.1tr. This target was revised upwards on the appeal to keep the budget deficit at a firm place.