FBR has been hitting the headlines of the national mainstream media during the past few days for its outstanding revenue growth trajectory, defining its spectacular performance. The country’s premier revenue collection organization has exceeded the upward revised revenue target of Rs.6.1 Trillion on June 30, 2022, by collecting Rs. 6125 Billion during the financial year 2021-22. It is pertinent to mention that FBR had already achieved its initial budgetary target of Rs. 5829 Billion fixed for the FY 2021-22, almost a week before. This is truly an amazing achievement par excellence, unparalleled in the country’s entire history. That is precisely why the federal Finance Minister, Mr. Miftah Ismail accompanied by Dr.Aisha Ghaush Pasha, Minister of State for Finance, made it a point to visit FBR Headquarters Islamabad on Thursday evening to congratulate Chairman FBR, Mr. Asim Ahmad, and his entire team on setting new standards of excellence. Likewise, on Friday while addressing the press conference at PTV Headquarters, Islamabad along with Chairman FBR, Federal Finance Minister generously appreciated FBR for showing exemplary commitment to maximizing revenue collection throughout the year 2021-22, especially in the 4th quarter. This is, by all means, a proud moment for the extended family of FBR across the country. Together as a formidable team imbued with an inherent resilience to perform under pressure, they have raised the bar against odds and have surmounted daunting challenges to set new standards of excellence. They have won many battles to finally declare their ultimate triumph on the late evening of June 30, 2022, ending their year-long drive for tax collection in style. As per the provisional revenue collection figures for the Fiscal Year 2021-22, FBR has collected net revenue of Rs. 6,125 billion during the current fiscal year (July 21-June 22), which has exceeded the upward revised target of Rs. 6,100 billion by Rs. 25 billion. This represents a massive growth of about 29.1% over the collection of Rs. 4,744 billion during the same period, last year. Likewise, the gross revenue collection increased from Rs. 4,996 billion during last year to Rs. 6,460 billion this year, showing an increase of 29.3%. Furthermore, the net collection from Income Tax during the year is Rs. 2278 billion against Rs. 1731 billion last year whereas the sales tax of Rs. 2525 billion has been collected this year against Rs. 1983 billion last year. The net collection from Customs Duty is Rs. 1000 billion this year against Rs. 747 billion last year while the collection from Federal Excise Duty is Rs. 322 billion this year against Rs. 284 billion last year. One of the key features of this outstanding performance by FBR is reflected in the significant increase in direct taxes which has registered a growth of 32% over the last year. This is in line with the policy of the incumbent government to enforce taxation on income earned thereby reducing the indirect incidence of taxation. As per the provisional revenue collection figures for the Fiscal Year 2021-22, FBR has collected net revenue of Rs. 6,125 billion during the current fiscal year (July 21-June 22), which has exceeded the upward revised target of Rs. 6,100 billion by Rs. 25 billion. Similarly, the net collection of Rs. 1,741 billion during the 4th Quarter of the current financial year against Rs. 1,351 billion collected in 4th Quarter last year, represents an increase of 31.7% despite many challenges. The net collection for the month of June 2022 is Rs. 763 billion representing an increase of 28.9% over Rs. 580 billion collected in June 2021. The year-on-year growth of 29.1% is unprecedented, particularly, as it is realized on the heel of 31.7% growth in the 4th Quarter. These figures would further improve before the close of the day and after book adjustments have been taken into account. On the other hand, the number of refunds of Rs. 335 billion disbursed during this year compared to Rs. 251 billion paid in last year, reflects an increase of 33.3%. Likewise, refunds of Rs.105 Billion issued during the 4th Quarter this year against Rs.68 Billion issued in the 4th Quarter last year, increased by 55.2%. Similarly, refunds of Rs.39 Billion issued in June 2022 against Rs.27 Billion in June 2021 increased by 43.8%. In the month of June, the refunds have been issued to more than 5800 taxpayers as compared to 3100 in June last year. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry. The robust revenue performance is even more significant due to effective enforcement by field formations. It is pertinent to mention that FBR’s POS System to document the retail sector has integrated a total number of 10,611 POS machines of 4563 Tier-1 Retailers across the country. A total of 425 Million tax invoices were generated by Tier-1 Retailers integrated with POS. A total number of Six POS Computerized Draws have been held in which Prize money worth Rs. 318 Million was disbursed among 6042 lucky winners. It is heartening to inform you that the number of FBR invoices is increasing as a result of effective monitoring by FBR despite the resource crunch. Yet another watershed initiative by FBR to capture Large Scale Manufacturing (LSM) across the country through Track & Trace System (TTS) has already started paying dividends. Sales tax collection from Sugar Sector during the current crushing season (December 2021 – March 2022) under Track and Trade System amounted to Rs 26.03 Billion as compared to the corresponding period of the previous crushing season which stood at Rs 19.9 Billion, showing an increase of 31% in four months only. Similarly, sugar production during the current crushing season was recorded at 7.85 million tons as compared to 5.67 million tons during the previous crushing season depicting a 39.7% increase over the last year. The tobacco and Fertilizer sectors will also be brought under the TTS during the first quarter of Financial Year 2022-23. Contributing significantly to FBR’s outstanding performance, Pakistan Customs has collected Rs 1 Trillion during this year against Rs. 747 billion under the head of customs duty in FY 2020-21, thus surpassing the assigned target of Rs. 960 billion by Rs.40 billion and registering a sizable growth of 34%. Achieving Rs.1 Trillion is in itself a record set by Pakistan Customs for its ever-highest collection in a tax year. Whereas during the month of June 2022 an amount of Rs. 115 billion has been collected under the head of customs duty against the monthly target of Rs. 88 billion which is 30% more than the assigned monthly target. Similarly, duty drawbacks issued by Pakistan Customs during the year are Rs. 33 billion as against Rs. 24 Billion last year. Similarly, the Directorate General of Intelligence & Investigation-IR showed appreciable performance from July 2021 to June 2022. During this period, 1,136 Investigation Reports and Red Alerts were forwarded to the field formations involving revenue amounting to Rs.321 Billion. 89 FIRs were lodged under Anti-Money Laundering Act, 2010 where more than Rs.66 Billion were involved. 9,866 cartons were seized containing 98,660,400 cigarette sticks during the year. Likewise, the Directorate General of Intelligence and Investigation (Customs) showed excellent performance by realizing revenues worth Rs. 2,942 Million against Rs. 2,368 Million, last year with an increase of 24.26%. This Directorate also seized 877 non-duty paid/tampered Seized vehicles during the year against 671 vehicles last year. To cap it all, this unprecedented and constant growth trajectory in revenue collection has been achieved despite import contraction and massive tax relief given by the government on various essential items. For the first time ever in the country’s history, Sales Tax on all POL products has been reduced to zero which cost FBR approximately Rs. 45 Billion every month including June 2022. Like any other great success, this exceptional performance has not happened just overnight. The country’s apex revenue organization has introduced a new culture of clean taxation ensuring transparency, taxpayers’ facilitation, and ease of doing business through a wide array of digital interventions. It has translated into healthy and steady growth in revenue collection. This has not only fast-tracked the process of bridging the trust deficit between FBR and Taxpayers but also ensured the much-needed cash liquidity for the business community. That’s precisely why FBR continues to surpass its assigned revenue targets despite multiple challenges. FBR deserves far more cognition and greater attention from those who matter! The writer is a civil servant by profession, a writer by choice and a motivational speaker by passion!