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FBR exceeds July target by a huge margin

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Raza Kazmi

ISLAMABAD: Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the month of July, 2021. According to the provisional information, FBR has collected net revenue of Rs. 413 billion during July, 2021, which has exceeded the target of Rs.342 billion by Rs. 71 billion. This represents a growth of about 36% over the collection of Rs. 303 billion during the same period last year.
These figures would further improve before the close of the day and after book adjustments have been taken into account. These collections are the highest ever in the month of July. This outstanding revenue performance is a reflection of sustained economic revival spurred by government policies.
On the other hand, the gross collections increased from Rs. 317 billion during this period last year to Rs. 419 billion, showing an increase of 32.1 %.
The amount of refunds disbursed was Rs. 20 billion compared to Rs. 15.7 billion paid last year, showing an increase of 26.6%. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry despite facing the challenge of fourth wave of COVID-19.
Income Tax Returns for Tax Year-2020 have reached 3.53 million compared to 2.72 million in Tax Year-2019 showing an increase of 30 %. The tax deposited with returns was Rs. 51 billion compared to only Rs. 33 billion last year, showing an increase of 54%. According to the information released by FBR, 11,744 point of sale terminals have been integrated with real time reporting system of FBR.
Pakistan Customs has collected Rs. 67 billion under the head of customs duty during July, 2021 whereas during the month of July last year, an amount of Rs. 49 billion was collected which showed a growth of 37%.
During July, 2021 smuggled goods worth Rs. 3.6 billion have been seized.
Meanwhile, Chairman, Federal Board of Revenue Asim Ahmad met with President, Sarhad Chamber of Commerce & Industry Sherbaz Bilour here at FBR Headquarters. President, Sarhad Chamber of Commerce & Industry appreciated FBR’s initiatives for facilitating ease of doing business for the business community particularly with specific reference to an automated environment for issuance of refunds directly into taxpayer’s account.
During the meeting, matters pertaining to monitoring of notices sent to industries and restaurants by FBR, speedy disposal and relief from cases pending at the Legal forums were discussed. Fixed evaluation of raw materials, issuance of pending refund cases, review of Alternate Dispute Resolution Committee mechanism (ADRC), integration of various business sectors in Tier 1 and lack of SOPs regarding tax facilitation for women entrepreneurs in Chamber of Commerce and Industry also came into discussion.
Chairman FBR was assisted by FBR team comprising Chief (Customs Operations) and Chief (IR Operations). The Chairman FBR appreciated the feedback and issued on spot instructions to both Customs and IR officers to review the standard operating procedures and administratively resolve the issues immediately.
Chairman FBR, Asim Ahmad also held a meeting with the President Gujranwala Chamber of Commerce & Industry Umar Ashraf Mughal along with his delegation. The delegation appreciated efforts of Asim Ahmad to bring about FBR’s transformation into an automated and taxpayer friendly environment.
Matters pertaining to revisiting condition of placing commercial invoice and packing list in container, mis-declaration by steel importers and introduction of final tax regime for ceramic industry in next budget were discussed in the meeting. Chairman FBR assured the delegation that the issues of the business community would be resolved on priority.