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7-month revenue collection target surpassed by FBR

Islamabad: According to a recent new report, the Federal Board Revenue (FBR) has passed the revenue collection target for the first time in 7 months of the current fiscal year. The total revenue collected is Rs. 2,570 billion, while the target was Rs. 2,550 billion.

Read More: Tax payments surpassing Rs.1 million to be paid online: FBR

The collection for these seven months of the FY 2020-2021 is also 6.4% higher than the collection of Rs. 2,416 billion during the same time period of the previous fiscal year.

The FBR also surpoassed the collection target for the month of January 2020. The total amount collected was Rs. 364 billion against the target of Rs. 340 billion. This is a growth of about 12.3% against the collections from last fiscal year and the first double digit growth in collection verified for this fiscal year.

Read More: FBR encourages income tax proposals for Budget 2021-2022

Meanwhile, FBR has also restored a total of Rs. 129 billion during this 7-month period, as against refunds of just Rs. 69 billion last fiscal, a growth of nearly 87%.

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