FBR collects Rs5.35tr taxes in 11 months
The Federal Board of Revenue (FBR) has collected Rs5.35 trillion tax revenue during first 11 months of the current fiscal year 2021/2022.
The latest collection is about 28.4 per cent higher over the collection of Rs4.16 trillion during the same period last fiscal year, FBR said.
According to the FBR, July-May tax revenue recorded an increase of 28.4%. In the same period of last financial year, Rs4.146 billion tax was collected. In May 2022, Rs490 billion tax was collected. Taxes were collected 26.8% more than the month before. In May 2021, Rs387 billion was collected.
The FBR said that the issuance of returns also increased by 44.3%. Returns of Rs30 billion were issued in May 2022 as against Rs21.1 billion in the same month last year. Returns issued in the first 11 months of the financial year the volume was Rs295 billion, 31.8% more returns were given as compared to the same period last year. Returns of Rs224.20 billion were given in July last financial year.
According to the FBR, abolishing the petroleum sales tax levy resulted in a loss of revenue of Rs45 billion in May alone.