ISLAMABAD: The Federal Board of Revenue has reported a substantial growth in the tax collection in first six months of the ongoing fiscal year. During the first half of the fiscal year 2012-22 (July-Dec 2021), FBR has reported Rs287 billion growth in tax collection.
FBR’s provisional data shows revenue collection of Rs2,920 billion for July-December of the current FY 2021-22, which is higher than target of Rs2,633 billion by Rs287 billion. This is a 32.5% increase over the previous year’s collection of Rs2,204 billion.
The net collection in December 2021 was Rs600 billion, 18.0% up from Rs509 billion in December 2020.
The FBR’s gross revenues surged by 32.5%, from Rs2,315 billion in July-Dec 2020 to Rs3,068 billion in July-Dec 2021. For July-December 2021 period, refunds amounted to Rs148 billion in comparison with Rs111 billion refunds in the same period of the previous year, showing a 33.0% rise.
Sharp increase in imports in first half of the ongoing financial year and frequent hike in petrol, gas and electricity tariffs triggered more than expected tax revenues during July-Dec period of 2021-22. Indirect taxes generate more than 75 percent of the total tax revenues in a year.
