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 Rs. 1074 billion for the first four months of the fiscal year by
recording an increase of around 20.4% over the revenue collected during the
corresponding period of last fiscal year. Refunds during this period have been
issued to the tune of Rs 42 billion as against Rs 21 billion issued during this
year depicting an increase of 100% during the corresponding period of previous
fiscal year. In addition to issuance of these refunds, another amount of
approximately 13 billion has been issued as sales tax refund to refund claimants
through direct credit to their bank accounts. Provisional net revenue
collection was recorded as Rs. 1033 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 provisional collection for the month of October 2017 was 267
billion which shows an increase of more than 12% over the collection
for October 2016 which depicts a substantial improvement over the growth of
5.23 percent registered in the monthly collection last year. During fiscal year
2016-17, the collection for the first four months stood at 872 billion as
against the figure of Rs 1032 billion collected this year.
During October, 2017, according to the provisional figures
received so far, FBR has made a net collection of more than Rs. 267
billion as against Rs. 237 billion collected 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.
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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