Pleasant increase in tax collection
Web Desk February 28, 2021
ISLAMABAD: The Federal Board of Revenue (FBR) has achieved more revenue than the target for the financial year July-February.
According to ARY News, the FBR released details of revenue collected in the first eight months of the financial year.
The FBR achieved a net revenue of Rs. 2916 billion from July to February, exceeding the target of Rs. 2898 billion set for the period, an increase of 6% over the previous year’s revenue of Rs. 2570 billion.
The FBR said that the revenue net collection in February stood at Rs 343 billion, the target set for February was Rs 325 billion, an increase of 106 per cent over the target set, and the revenue achieved in February last year. Net revenue increased by 8%.
According to the FBR, refunds of Rs 152 billion have been issued so far in the current financial year. The volume of refunds in this period last year was Rs 79 billion. So far this year, the issuance of refunds has increased by 97%.
On the other hand, the number of people filing income tax returns for 2020 has reached 2.623 million, up from 2.43 million in the same period last year, thus increasing the number of people filing tax returns by 8%. Is.
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