FBR Achieves Net Revenue Of Rs.3394 Billion In July-March, 2020-21
Muhammad Irfan 13 days ago Wed 31st March 2021 | 10:34 PM
The Federal Board of Revenue (FBR) has collected net revenue of Rs.3394 billion during Jul-March of 2020-21, which has exceeded the target of Rs.3287 billion by more than Rs.100 billion
ISLAMABAD, (UrduPoint / Pakistan Point News - 31st Mar, 2021 ) :The Federal board of Revenue (FBR) has collected net revenue of Rs.3394 billion during Jul-March of 2020-21, which has exceeded the target of Rs.3287 billion by more than Rs.100 billion.
The FBR has released the provisional revenue collection figures for the first nine months of current fiscal year.
The net collection for the month of March was Rs.475 billion, against a required increase of Rs.367 billion, representing an increase of 46 percent over Rs.325 billion collected in March 2020 and 129 percent of the target.
The year-on-year growth of 46 percent is unprecedented.
These figures would further improve before the close of the day and after book adjustments have been taken into account.
The improved revenue performance is a reflection of growing economic activities in the country despite facing the challenge of third wave of COVID-19.
During April-June 2021, it is expected that this revenue performance would be improved substantially compared to 2020 when economic activities were disrupted due to COVID.
Meanwhile, FBR's efforts to broaden the tax base are expending apace.
Early signs suggest such efforts are bearing fruits.
FBR has also released the information about Tier-I retailers who have been integrated with POS system. According to the information, 10283 sales points have been integrated with Point of Sales Linked Invoicing System.
Pakistan Customs has initiated a focused counter-smuggling drive.
During March 2021, smuggled goods worth Rs.3.634 billion have been seized while in March 2020; smuggled goods worth Rs. 2.74 billion were seized, thus showing a monthly increase of 39 percent. Similarly, during last 9 months (July 2020-Mar 2021) of current financial year smuggled goods worth Rs. 45.98 billion have been seized as compared to Rs. 27.7 billion from July 2019 to March 2020 of the last financial year thus showing an increase of 66 percent.
Moreover, the value of seized goods of Rs. 46 billion in 9 months of current FY has crossed the total value of seized goods of last year.
In FY 2019-20, smuggled goods worth Rs.36 billion were seized.
During this period, Directorate General forwarded 846 Investigation Reports to the field formations involving revenue amounting to Rs. 147 billion.