FBR Exceeds May Collection Target by 8 Percent
The third-highest collection in the second half of the current fiscal year, the Federal Board of Revenue (FBR) reached Rs 386 billion in May after exceeding its collection goal by 7.82 percent (FY21).
Compared to the target of Rs 358bn, the actual net collection for May was Rs 386bn, an increase of Rs 28bn. Revenue collection increased by 69 percent as compared to the Rs 229 billion that was collected in May 2020.
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During the period of July 2020 to May 2021 (11MFY21), the FBR generated net revenues of Rs. 4.167 trillion, exceeding the objective of Rs. 3.994 trillion by more than Rs. 173 billion or 4.33 percent.
This is an increase of almost 17% from the Rs3.549 trillion in revenue collected during the same period previous year.
Despite the ongoing Covid-19 pandemic, FBR’s income collection has now exceeded the monthly target for three months in a row.
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It is important to note that the FBR must collect Rs 790 billion at a growth rate of 71 percent in the final month of the current fiscal year in order to meet the annual target despite having already collected Rs 4.17 trillion in taxes.
The International Monetary Fund (IMF) has reduced its forecasts for the FBR collection to roughly Rs 4.7 trillion for the current fiscal year in anticipation of the shortfall.
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