ISLAMABAD: Prime Minister Imran Khan on Friday felicitated the nation on the achievement of the Federal Board of Revenue (FBR) of surpassing the collection target set for the first quarter of the fiscal year 2021-22.

The premier wrote on Twitter: “I congratulate the nation on FBR’s achievement of collecting Rs.1,395 billion in Q1 of FA 2021-22 against the target of Rs.1,211 billion.” 

He added: “This represents a growth of 38% in revenues over the same period last year.” 

Tax collection surpasses target by Rs184 billion

The revenue board collected Rs1,395 billion in the first quarter (July-Sept) of the current fiscal year against the set target of Rs1,211 billion, exceeding by Rs184 billion, according to a report published in The News.

The net collection for September 2021 was Rs535 billion representing an increase of 31.2 % over Rs408 billion collected in September 2020. These figures would further improve before the close of the day and after book adjustments have been taken into account.

On the other hand, gross collections increased from Rs1,059 billion during July-September, 2020 to Rs1,454 billion in the current financial year, showing an increase of 37.3%.

The number of refunds disbursed was Rs59 billion during July-September, 2021 compared to Rs49 billion paid last year, reflecting an increase of 20.2%.

After collecting over Rs4.7 trillion and exceeding its assigned revenue targets set for the tax year 2020-21, the FBR has successfully maintained the momentum set in July 2021.

Its tax collection posted historic high growth in the first quarter of the current fiscal year. During the first quarter, the FBR has far surpassed its revenue target by Rs186 billion.

According to a statement, the FBR is well on its way to achieving the assigned target of Rs5,829 billion for the year despite the daunting challenges, compelling constraints posed by the corona pandemic, and sporadic tax cuts announced by the government as relief and price stabilisation measures.