The Federal Board of Revenue (FBR) achieved revenue of Rs 20 billion more than the target set for July-January.
The FBR collected revenue of Rs 2,570 billion in the first seven months of the current financial year, which is 6.4 per cent more than the Rs 2,416 billion collected in the same period last year.
According to the data released by the FBR, the revenue net collection in January stood at Rs 364 billion against the target of Rs 340 billion, which is 12.3 per cent higher than the net revenue collected in January last year. ۔
Refunds of Rs 129 billion have been issued so far this financial year as against Rs 69 billion in the same period last year. So far this year, the issuance of refunds has increased by 87%.
Taxes with tax returns stood at Rs 48.3 billion as against Rs 29.6 billion in the same period last year. Thus, tax payments have increased by 63% this year.
In addition, the FBR has issued notices to 1.4 million taxpayers who have not filed returns or declared zero taxable income or provided incorrect details of their assets.
According to the FBR, the number of people filing income tax returns has reached 2.52 million by January 30, 2021. The number of people filing tax returns has increased by 9%. Revenue collection is expected to further improve due to economic growth.