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Revenue collection grows by 20.4% to Rs1074 in 4 months

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ISLAMABAD, Nov 01 (APP): The gross revenue collection has increased to Rs1074 billion during

the first four months of the current fiscal year, showing an increase of 20.4

per cent over the corresponding period of last year.

The Federal Board of Revenue has continued to display satisfactory performance in the

fourth consecutive month of the current financial year and achieved

provisional gross revenue collection of over Rs1074 billion, said FBR

statement issued here Wednesday.

Meanwhile, the provisional net revenue collection was recorded

as Rs1033 billion for the first four months of the fiscal year with an

increase of around 18.5% over the net revenue collected during the same

period of last fiscal year.

The target for the year has been fixed with an annual increase of

19.2% over the previous year, the statement added.

The provisional collection for the month of October 2017 was Rs267

billion, which shows an increase of more than 12% over

the collection of Rs237 during October 2016.

The revenue collection trend during the first four months of the financial year augurs well for the efforts

of FBR towards achievement of the assigned annual revenue targets.

Refunds during this period have been issued to the tune of Rs42

billion Rs 21 billion issued during last year, showing 100% growth.

In addition to issuance of these refunds, another amount of

approximately Rs13 billion has been issued as sales tax refund to refund

claimants through direct credit to their bank accounts.

Federal Board of Revenue also wishes to dispel the

impression created by some reports appearing in sections of the press that the

number of the returns received for the tax year 2017 has declined as compared

to returns received for tax year 2016.

This impression is grossly misleading as only 352,022 returns were received upto November 1, 2016,

whereas 608,587 returns have been received till November 1, 2017.

This shows a substantial increase of 72% in the number of returns received during the same

period of previous fiscal year.

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