FBR exceeds eight-month tax collection target.

Byline: Mubarak Zeb Khan

ISLAMABAD -- The Federal Board of Revenue (FBR) surpassed its collection target by Rs13 billion to Rs2.911 trillion in the first eight months of the current fiscal year, showed provisional data released by the tax authorities on Friday.

It was the second consecutive month that the tax collection surpassed it projection.

The revenue collection increased by nine per cent during July-February when compared with Rs2.681tr collected in the same period last year.

An official FBR announcement said that the revenue collection was achieved two days ahead of the end of the current month. The FBR expects a few more billions in the next couple of days, the statement added.

The government while preparing the budget for the current fiscal year had assured the International Monetary Fund of raising Rs4.963tr as against Rs3.989tr collected in FY20 - a projected increase of 24.4pc.

The FBR refunded Rs152bn during 8MFY21 compared to Rs79bn paid last year, an increase of 92pc.

FBR Chairman Javed Ghani told Dawn that revenue performance is a reflection of growing economic activities despite facing the challenge of the second wave of Covid-19. 'We are doing well despite giving more than 90pc refunds when compared with the same period last year,' he said.

Besides, Mr Ghani said, a massive increase in anti-smuggling seizures by Customs has resulted in increased output by the manufacturing sector. 'We are also focusing on various administrative measures to increase revenue,' the chairman said.The performance of individual taxes are quite different as some did well while...

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