ISLAMABAD-The Federal Board of Revenue (FBR) has collected revenues ofRs.2916 billion during the first eight months (July-February) of currentyear, exceeding the target of Rs2,898 billion set for the period.
As compared the same period of last year, the collection witnessed growthof about 6 percent when compare to the collection of Rs2,750 billion inJuly-February (2019-20).
Meanwhile, the net collection for the month of February 2021 was recordedat Rs343 billion against the target of Rs325 billion. On the other hand,the gross collections increased from Rs2,823 billion during this periodagainst the collection of Rs3,068 billion lastly year, showing an increaseof nearly 9%.
The amount of refunds disbursed was Rs152 billion compared to Rs79 billionpaid last year, showing an increase of 97%. This is reflective of FBR’sresolve to fast-track refunds to prevent liquidity shortages in theindustry.
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The improved revenue performance is a reflection of growing economicactivities in the country despite facing the continued challenge of secondwave of COVID-19. During March-June 2021, it is expected that this revenueperformance would be improved substantially compared to 2020 when economicactivities were disrupted.
Meanwhile, FBR’s efforts to broaden the tax base are bearing fruits. As onFebruary 28, 2021, income tax returns for tax year 2020 have reached 2.62million compared to 2.43 million last year, showing an increase of 8%.
The tax deposited with returns was Rs49.6 billion compared to only Rs31.0billion, showing an increase of 60%.
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The board’s decision to adhere to December 8 as the last date has beenvindicated as more returns and higher tax payments have been recordedduring the tax year 2020 compared to 2019.
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Besides, FBR issued notices to nearly 2.1 million taxpayers who weresupposed to file return, or have filed a nil return, or mis-declared theirassets or have not been filing return for sales tax to comply with theirlegal obligations. The exercise is eliciting encouraging response. However,those who are not complying would be pursued diligently until compliance isachieved.
FBR has also released the information about Tier-I retailers who have beenintegrated with POS system. According to the information, 9,952 salespoints have been integrated with Point of Sales Linked Invoicing System.
Meanwhile, the Pakistan Customs has initiated a focused counter-smugglingdrive and during February 2021, smuggled goods worth Rs4.08 billion havebeen seized while in February 2020; smuggled goods worth Rs3.02 billionwere seized, thus showing a monthly increase of 35.18 %. Similarly, duringlast 8 months (July 2020-Feb 2021) of current financial year smuggled goodsworth Rs39.52 billion have been seized as compared to Rs25.10 billion fromJuly 2019 to February 2020 of the last financial year thus showing anincrease of 57.45 %.
Moreover, the value of seized goods of Rs39.52 billion in 8 months ofcurrent FY has crossed the total value of seized goods of last year. In FY2019-20, smuggled goods worth Rs36 billion were seized.
