ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin on Wednesday congratulates the Federal Board of Revenue (FBR) for surpassing the revenue collection target of Rs441 billion set for the month of February 2022.
In a tweet, the federal minister said this showed the robust growth of 28.5 percent, and up to the monthly growth of over 30 percent. He expressed the hope that if the pace remained the same, the country would achieve annual revenue targets.
“Congratulations! FBR has successfully knocked down the February revenue target of Rs. 441 billion, posting robust growth of 28.5 percent, and up to the monthly growth of over 30 percent. At this run rate we will achieve our annual revenue targets. Insha’Allah,” he tweeted.
Congratulations! FBR has successfully knocked down February revenue target of Rs. 441 billion, posting robust growth of 28.5 percent, and up to the month growth of over 30 percent. At this run-rate we will achieve our annual revenue targets. Insha’Allah.
— Shaukat Tarin (@shaukat_tarin) March 2, 2022
It is pertinent to mention here that FBR collected net revenues of Rs 3,799 billion during the first eight months of the current fiscal year (2021-22), exceeding the target set for the period by Rs 268 billion.
This represents a growth of about 30.3% over the collection of Rs. 2,916 billion during July-February (2020-21), the board said in a statement issued here Monday.
Meanwhile, building further on its ongoing momentum for revenue collection, the board during February 2022 has not only achieved its assigned target of Rs.441 billion fixed for the month but also exceeded the same by Rs.2 billion as it has collected Rs.443 billion, according to provisional figures released by FBR.
The net collection for the month of February 2022 stood at Rs 443 billion, representing an increase of 28.3 % over Rs 345 billion collected in February 2021.
These figures would further improve before the close of the day and after book adjustments have been taken into account, said FBR statement.
On the other hand, the gross collections increased from Rs3,074 billion during July-February (2020-22) 1o Rs 3,996 billion in the current fiscal year, showing an increase of 30%.
Likewise, the amount of refunds disbursed was Rs 197 billion during July-January (2021-22) compared to Rs 157 billion paid last year, showing an increase of 25.4%.
