FBR knocks down the revenue target for February, 2022

0
24

Raza Kazmi

ISLAMABAD: Building further on its ongoing momentum for revenue collection, Federal Board of Revenue (FBR) has not only achieved its assigned target of Rs.441 billion fixed for February,2022 but also exceeded the same by Rs.2 Billion as it has collected Rs.443 Billion. The country’s premier tax collection organisation has released the provisional revenue collection figures for the months July, 2021 to February, 2022 of current Financial Year 2021-22.
According to the provisional information, FBR has collected net revenue of Rs 3,799 billion during July, 2021 to February, 2022 of current Financial Year 2021-22, which has exceeded the target of Rs 268 billion. This represents a growth of about 30.3% over the collection of Rs. 2,916 billion during the same period, last year.
It is worth sharing that Inland Revenue collection increased by 29.0% during July, 2021 to February, 2022 by collecting Rs. 3,177 billion against Rs. 2,463 billion collected in the same period, last year. Likewise, Pakistan Customs has successfully maintained its growth trajectory by collecting Rs. 622 billion as against Rs. 454 Billion collected during the same period, last year.
The net collection for the month of February, 2022 realized Rs 443 billion representing an increase of 28.3 % over Rs 345 billion collected in February, 2021. 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 Rs3,074 billion during July, 2020 to February, 2021 to Rs 3,996 billion in current Financial Year July, 2021 to February, 2022, showing an increase of 30%. Likewise, the amount of refunds disbursed was Rs 197 billion during July, 2021 to January, 2022 compared to Rs 157 billion paid last year, showing an increase of 25.4%.
It is pertinent to mention that FBR has introduced a number of innovative interventions both at policy and operational level with a view to maximize revenue potential through digitization, transparency, and taxpayers’ facilitation. This has not only resulted in ensuring the ease of doing business but also translated in a healthy and steady growth in revenue collection.
Likewise, the incumbent top leadership of FBR has launched a new culture of clean taxation with a clear focus on collecting only the fair tax and not holding up refunds which are due to be paid. This has not only fast tracked the process of bridging the trust deficit between FBR and Taxpayers but also ensured the much-needed cash liquidity for business community. That’s precisely why, for the first time ever in the country’s history, FBR continues to surpass its assigned revenue targets despite challenges and price stabilization measures adopted by the government.
Meanwhile, Seizure of Narcotics 8.5 KGs (Methamphatamine/ICE) By Pakistan Customs (FBR) at (Uthal) Gwadar, valuing Rs.257 million
In continuation with FBR’s policy of crackdown against the menace of narcotics/drugs, Collectorate of Customs, Gwadar again in yet another intelligence-based successful operation on 27.02.2022 seized 8.5 kg of high quality Methamphatamine/ICE after chasing the smugglers in the mountainous area of Uthal. The value of seizure is approximately Rs.257 million. FIR has been lodged and further investigation is under way.
Furthermore, it is worth sharing that Collectorate of Customs, Gwadar had seized 7.5 kg of high quality Methamphatamine/ICE about 10 days ago, valuing Rs. 222 Million. Thus, in the month of February 2022, the Customs Collectorate Gwadar has seized narcotics/drugs worth over Rs.500 million which is, indeed, a laudable performance.
It is pertinent to mention that Federal Board of Revenue is following a policy of zero tolerance against smuggling and thereby has increased vigilance and surveillance of cargo movement across the border. Finance Minister, Shaukat Tarin, has commended FBR for its successful anti-smuggling drive across Pakistan. Likewise, Chairman FBR/Secretary Revenue Division, Dr. Muhammad Ashfaq Ahmed appreciated Chief Collector Quetta, Muhammad Sadiq and Collector Customs Gwadar, Muhammad Javed Chaudhary & their team in ensuring zero tolerance against smuggling of all shades and grades. He further reiterated his unflinching resolve to fight the menace of smuggling across the country in order to maximize tax compliance.