Karachi, June 01, 2022: The revenue collection by Federal Board of Revenue (FBR) witnessed growth of 28.4 percent during the first eleven months of the current fiscal year as compared to the corresponding period of last year, it was revealed on Tuesday.
According to provisional figures released by the board, the net revenue collection grew to Rs. 5,349 billion during July-May (2021-22) as against the collection of Rs.4,164 billion during July-May (2020-21).
The provisional figures reported would further improve after closure of payment receipts and reconciliation with State Bank of Pakistan (SBP).
During the month of May 2022, the net collection was recorded at Rs.490 billion compared to Rs.387 billion in May 2021, showing growth by 26.8 percent.
On the other hand, the gross collections increased from Rs.4,389 billion during July-May (2020-21) to Rs 5,644 billion during July-May (2021-22), showing an increase of 28.6%.
Likewise, the amount of refunds disbursed during May 2022 was Rs.30.4 billion, while in May 2021 the refunds disbursed were Rs.21.1 Billion, registering an increase of 44.3%.
Similarly, refunds worth Rs 295.5 billion have been disbursed during July, 2021- May, 2022 compared to Rs 224.2 billion paid last year, showing an increase of 31.8%.
The FBR statement said, the ongoing unprecedented and constant growth trajectory in revenue collection has been achieved, despite massive tax relief given by the government on various essential items to common man.
That’s precisely why FBR continues to surpass its assigned revenue targets despite challenges and price stabilization measures adopted by the government, it added.