FBR surpasses tax collection target by Rs186 billion in first quarter
ISLAMABAD – The Federal Board of Revenue (FBR) has surpassed the tax collection target by Rs186 billion in the first quarter (July to September) of the current fiscal year.
According to the provisional information, FBR has collected net revenue of Rs.1,395 billion during the first quarter of the current Financial Year against the set target of Rs. 1,211 billion.
The net collection for the month of September, 2021 realized Rs. 535 billion representing an increase of 31.2% over Rs. 408 billion collected in September 2020. These figures would further improve before the close of the day and after book adjustments have been taken in to account.
On the other hand, the gross collections increased from Rs. 1,059 billion during July-September, 2020 to Rs. 1,454 billion in current financial year, showing an increase of 37.3 %. The amount of refunds disbursed was Rs. 59 billion during July-September, 2021 compared to Rs. 49 billion paid last year, reflecting an increase of 20.2 %. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
Govt is now optimistic to achieve annual tax collection target after surpassing target in first three months of current FY
It is pertinent to mention that after collecting over 4.7 trillion and exceeding its assigned revenue targets set for tax year 2020-21, FBR has successfully maintained the momentum set in July, 2021. Its tax collection posted historic high growth in first quarter of current fiscal year. During first quarter, FBR has far surpassed its revenue target by Rs 186 billion. This spectacular performance at the outset of the year shows that FBR is well on its way to achieving the assigned target of Rs. 5,829 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 stabilization measures. The government had set challenging tax collection target of Rs5829 billion for the current fiscal year. Pakistan had assured the International Monetary Fund (IMF) to achieve the target in current fiscal year. However, the government is now optimistic to achieve the annual tax collection target after surpassing the target in first three months of the current fiscal year. “FBR tax collection continues to be strong, showing that domestic economic activity is on the upswing. In addition, efforts to boost tax collection are yielding results. It is expected that FBR tax collection would achieve its target,” the ministry of finance noted in its recent monthly report.
FBR extends date for filing income
tax returns for
individuals, companies
The Federal Board of Revenue (FBR) on Thursday extended the date for filing income tax returns for individuals and companies to October 15, 2021.
The FBR has extended the deadline of filing income tax returns after the demand of business community and Karachi Tax Bar Association. Earlier, the FBR had said it would not extend the deadline for people seeking to file their income tax returns. Finance Minister Shaukat Tarin has decided to extend the date considering the constant demands from the business community. “In exercise of powers conferred under Section 214A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to extend the date of filing of income tax return for tax year 2021 by 15 days i.e. upto 15.10.2021 due to serious technical problems in online return filing system (Iris),” said a notification issued by the FBR on Thursday.
Article source: https://nation.com.pk/01-Oct-2021/fbr-surpasses-tax-collection-target-by-rs186-billion-in-first-quarter