Raza Kazmi

ISLAMABAD: Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first quarter of current FY 2021-22. 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, exceeding by Rs. 186 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.
It is pertinent to mention that after collecting over Rs.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 Rs186 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.
Meanwhile, the Federal Board of Revenue (FBR) has announced extension in date of filing income tax returns/statements for the tax year 2021.
A notification issued by Secretary (Revenue Budget) FBR, Asad Aziz in exercise of powers conferred under Section 214A of the Income Tax Ordinance, 2001 says that 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. up to October 15, 2021 due to serious technical problems in online return filing system (IRIS).