Daily Times

Federal Minister for Finance and Revenue, Shaukat Tarin on Wednesday congratulated the Federal Board of Revenue (FBR) for surpassing the revenue collection target of Rs441 billion set for the month of February 2022.

In a tweet, the federal minister said this showed the robust growth of 28.5 percent, and up to the month growth of over 30 percent. He expressed the hope that if the pace remained the same, the country would achieve annual revenue targets. “Congratulations! FBR has successfully knocked down February revenue target of Rs441 billion, posting robust growth of 28.5 percent, and up to the month growth of over 30 percent. At this run-rate we will achieve our annual revenue targets. Insha’Allah,” he tweeted.

It is pertinent to mention here that FBR collected net revenues of Rs3,799 billion during the first eight months of current fiscal year (2021-22), exceeding the target set for the period by Rs268 billion.

This represents a growth of about 30.3pc over the collection of Rs2,916 billion during July-February (2020-21), the board said in a statement issued here Monday.

Meanwhile, building further on its ongoing momentum for revenue collection, the board during February 2022 has not only achieved its assigned target of Rs441 billion fixed for the month, but also exceeded the same by Rs2 billion as it has collected Rs443 billion, according to provisional figures released by FBR.

The net collection for the month of February, 2022 stood at Rs 443 billion, representing an increase of 28.3 pc 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 into account, said FBR statement.

On the other hand, the gross collections increased from Rs3,074 billion during July-February (2020-22) 1o Rs 3,996 billion in the current fiscal year, showing an increase of 30pc. Likewise, the amount of refunds disbursed was Rs197 billion during July-January (2021-22) as compared to Rs157 billion paid last year, showing an increase of 25.4pc.