FBR beats Jul-Feb tax target of FY22

[miafridi]

The FBR’s collection stands at Rs3,799 billion during the first eight months (July-Feb) of the current fiscal year​

ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed its monthly assigned target with a slight margin of just Rs 2 billion as the tax machinery collected Rs443 billion in February 2022 mainly because of increased imports against the desired target of Rs441 billion.

Now the FBR’s collection stands at Rs3,799 billion during the first eight months (July-Feb) of the current fiscal year and for materializing the upward revised target of Rs6.1 trillion, the Board would have to collect Rs2.3 trillion in the remaining four months (March-June) of financial year 2021-22. The FBR’s tax collection target was jacked up from Rs5.8 trillion to Rs6.1 trillion for end June 2022 under the IMF agreement. The increased imports helped the FBR to exceed its target. In the last two months (December and January) the FBR had failed to achieve monthly target, but in February it surpassed the target with a slight margin of just Rs2 billion.

According to the FBR’s announcement made here on Monday night, the Board not only achieved its assigned target of Rs441 billion fixed for February, 2022 but also exceeded the same by Rs2 billion as it has collected Rs443 billion. The country's premier tax collection organisation has released the provisional revenue collection figures for the months July 2021 to February 2022 of the current Financial Year 2021-22. According to the provisional information, the FBR has collected net revenue of Rs3,799 billion during July, 2021 to February, 2022 of the current Financial Year 2021-22, which has exceeded the target by Rs268 billion. This represents a growth of about 30.3pc over the collection of Rs2,916 billion during the same period, last year.

The Inland Revenue (IR) collection increased by 29.0pc during July 2021 to February 2022 by collecting Rs3,177 billion against Rs2,463 billion collected in the same period, last year. Likewise, Pakistan Customs maintained its growth trajectory by collecting Rs622 billion as against Rs454 billion collected during the same period, last year. The net collection for the month of February, 2022 realized Rs443 billion representing an increase of 28.3pc over Rs345 billion collected in February, 2021. These figures would further improve before the close of the day and after book adjustments are taken into account.

On the other hand, the gross collections increased from Rs3,074 billion during July 2020 to February, 2021 to Rs3,996 billion in current Financial Year July, 2021 to February, 2022, showing an increase of 30pc. Likewise, the amount of refunds disbursed was Rs197 billion during July, 2021 to January, 2022 compared to Rs157 billion paid last year, showing an increase of 25.4pc.

https://www.thenews.com.pk/print/937716-fbr-exceeds-tax-collection-target-collects-rs443-bn

 

[Dr Adam]

The FBR’s collection stands at Rs3,799 billion during the first eight months (July-Feb) of the current fiscal year​

ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed its monthly assigned target with a slight margin of just Rs 2 billion as the tax machinery collected Rs443 billion in February 2022 mainly because of increased imports against the desired target of Rs441 billion.

Now the FBR’s collection stands at Rs3,799 billion during the first eight months (July-Feb) of the current fiscal year and for materializing the upward revised target of Rs6.1 trillion, the Board would have to collect Rs2.3 trillion in the remaining four months (March-June) of financial year 2021-22. The FBR’s tax collection target was jacked up from Rs5.8 trillion to Rs6.1 trillion for end June 2022 under the IMF agreement. The increased imports helped the FBR to exceed its target. In the last two months (December and January) the FBR had failed to achieve monthly target, but in February it surpassed the target with a slight margin of just Rs2 billion.

According to the FBR’s announcement made here on Monday night, the Board not only achieved its assigned target of Rs441 billion fixed for February, 2022 but also exceeded the same by Rs2 billion as it has collected Rs443 billion. The country's premier tax collection organisation has released the provisional revenue collection figures for the months July 2021 to February 2022 of the current Financial Year 2021-22. According to the provisional information, the FBR has collected net revenue of Rs3,799 billion during July, 2021 to February, 2022 of the current Financial Year 2021-22, which has exceeded the target by Rs268 billion. This represents a growth of about 30.3pc over the collection of Rs2,916 billion during the same period, last year.

The Inland Revenue (IR) collection increased by 29.0pc during July 2021 to February 2022 by collecting Rs3,177 billion against Rs2,463 billion collected in the same period, last year. Likewise, Pakistan Customs maintained its growth trajectory by collecting Rs622 billion as against Rs454 billion collected during the same period, last year. The net collection for the month of February, 2022 realized Rs443 billion representing an increase of 28.3pc over Rs345 billion collected in February, 2021. These figures would further improve before the close of the day and after book adjustments are taken into account.

On the other hand, the gross collections increased from Rs3,074 billion during July 2020 to February, 2021 to Rs3,996 billion in current Financial Year July, 2021 to February, 2022, showing an increase of 30pc. Likewise, the amount of refunds disbursed was Rs197 billion during July, 2021 to January, 2022 compared to Rs157 billion paid last year, showing an increase of 25.4pc.

https://www.thenews.com.pk/print/937716-fbr-exceeds-tax-collection-target-collects-rs443-bn

لفافوں، جاہل نونیوں اور بھٹواریوں کو تیل اور بجلی سستی کرنے پر جو آگ لگ گئی ہے اور اب غل غپاڑہ مچایا ہوا ہے کہ پیسے کہاں سے آئیں گے
تو حضور یہ ہیں وہ ذرائع جن سے عوام کو ریلیف دیا جائے گا
پہلے چور جہاں سے بھی کچھ پیسہ آتا تھا انہیں لوٹ مار کی فکر رہتی تھی لیکن عمران خان ٹیکس کی مد میں زیادہ اکٹھا ہونے والا پیسہ عوام پر ہی خرچ کریگا
یہ ہے وہ بنیادی فرق ایک ایماندار لیڈر میں اور چوروں میں ​

 

[MADdoo]

Do More Do more.

Here we need to do more. achieving this target is the same as a kid getting 8 % marks whereas in past he was getting 6 or 7%. The internal target was 7.5% and he can claim the achievement of 1/7=14% increase from previous years. wow. bravo.

NO action plan to bridge the huge Tax gap in Pakistan. On top of this, they Remove Shabar Zaidi , who was cursing them on their blunders.

 

[Keep the trust]

لفافوں، جاہل نونیوں اور بھٹواریوں کو تیل اور بجلی سستی کرنے پر جو آگ لگ گئی ہے اور اب غل غپاڑہ مچایا ہوا ہے کہ پیسے کہاں سے آئیں گے
تو حضور یہ ہیں وہ ذرائع جن سے عوام کو ریلیف دیا جائے گا
پہلے چور جہاں سے بھی کچھ پیسہ آتا تھا انہیں لوٹ مار کی فکر رہتی تھی لیکن عمران خان ٹیکس کی مد میں زیادہ اکٹھا ہونے والا پیسہ عوام پر ہی خرچ کریگا
یہ ہے وہ بنیادی فرق ایک ایماندار لیڈر میں اور چوروں میں ​

Lakin yeh baat hakumati representative kyun nahi bata rahay? Kal farukh habib bhi baat ghuma raha tha, yeh baat batain takeh zayda log tax net mai aain.

 

[Lone_Fighter]

So FBR is well on track to achieve 6.1 trillion rupees this fiscal year and will definitely surpass 7 trillion rupees next fiscal year which will mean that the tax collection will be more than doubled by PTI government in their tenure.

 

[Lone_Fighter]

Do More Do more.

Here we need to do more. achieving this target is the same as a kid getting 8 % marks whereas in past he was getting 6 or 7%. The internal target was 7.5% and he can claim the achievement of 1/7=14% increase from previous years. wow. bravo.

NO action plan to bridge the huge Tax gap in Pakistan. On top of this, they Remove Shabar Zaidi , who was cursing them on their blunders.

Kehna kia chahtay ho? ? Apaka Mathematics hamaray palay nhi parha.

FBR tax increase is more than 30% compared to last year.

 

[MADdoo]

Kehna kia chahtay ho? ? Apaka Mathematics hamaray palay nhi parha.

FBR tax increase is more than 30% compared to last year.

woi keh ra mere dost. jitna Tax gap hai pakistan mein , ye her saaal 1000% increase karna chahiye for 10 years.

 

[akinternational]

FBR per lakh laanat... awam ka khoon choosne ko kamyabi kahte hain..bastards IMF ka shaitani haath

 

[Lone_Fighter]

woi keh ra mere dost. jitna Tax gap hai pakistan mein , ye her saaal 1000% increase karna chahiye for 10 years.

Na karo yar, Jazbat ek taraf, but you should be realistic.

By 1000% increase in 1 year do you mean FBR should have gone from 3400 Billion(3.4 Trillion in PMLN's last year) to 34000 billion(34 Trillion) rupees tax collection in just 1 year?

 

[Dr Adam]

Lakin yeh baat hakumati representative kyun nahi bata rahay? Kal farukh habib bhi baat ghuma raha tha, yeh baat batain takeh zayda log tax net mai aain.

Apni apni samajh boojh kay muutabiq hee baat ker saktay hain becharay!

 

[MADdoo]

Na karo yar, Jazbat ek taraf, but you should be realistic.

By 1000% increase in 1 year do you mean FBR should have gone from 3400 Billion(3.4 Trillion in PMLN's last year) to 34000 billion(34 Trillion) rupees tax collection in just 1 year?

REALISTIC BASE p to kabi tax gap ni poora hoga. GAP is unrealistic. you cannot imagine how much the government of Pakistan losing money in terms of tax.

 

[Lone_Fighter]

REALISTIC BASE p to kabi tax gap ni poora hoga. GAP is unrealistic. you cannot imagine how much the government of Pakistan losing money in terms of tax.

Iska yeh matlab nhi k banda impossible figures dena shuru hojae. Public forum par hamaray comments dusro k liye educative aur scientifically/mathematically correct hona chahiye, na k hawai baatay.

Aap kehtay k Pakistan ki tax collection ko ek bar hi ek dam 500% barhna chahiye, yani taqreeban 17000 Billion($100B) par chalay jana chahiye tah, aur oskay bad is main routine wala 10 15 percent izafa hona chahiye toh apki bat scientifically correct hoti.

Lakin 1000% ka izafa, aur woh bhi ainda 10 saal thak yeh show karta hai k ap chahtay hai k apki bat ko serious na liya jae.

 

[MADdoo]

Iska yeh matlab nhi k banda impossible figures dena shuru hojae. Public forum par hamaray comments dusro k liye educative aur scientifically/mathematically correct hona chahiye, na k hawai baatay.

Aap kehtay k Pakistan ki tax collection ko ek bar hi ek dam 500% barhna chahiye, yani taqreeban 17000 Billion($100B) par chalay jana chahiye tah, aur oskay bad is main routine wala 10 15 percent izafa hona chahiye toh apki bat scientifically correct hoti.

Lakin 1000% ka izafa, aur woh bhi ainda 10 saal thak yeh show karta hai k ap chahtay hai k apki bat ko serious na liya jae.

These are factual figures that 80% of Pakistan's economy is undocumented. what if this comes under tax net, how much increase we will get. Have you seen the findings shared by FBR about liberty market, These are 2019 figures. If you will see the revenue of these market it would be more than 100 billion. Same goes to Faisalabad Sotar Mandi is one of the example. top to bottom whole chain is undocumented. FBR B*** ka zoor b laga le ni kar sakti kuch. FBR should make some TV series similar to ISPR to elevate tax culture.

My comments are not against PTI or PMLn etc, i have questions on institutional performance. as per Shabar Zaidi economic emergency can save us.

The traders of four major markets of Lahore paid total tax of just Rs.567.7 million. There were only 2096 filers in famous Anarkali bazaar, 563 from the Mall Road, 480 of Hafeez Center and 786 of Liberty Market."

 

[Lone_Fighter]

These are factual figures that 80% of Pakistan's economy is undocumented. what if this comes under tax net, how much increase we will get. Have you seen the findings shared by FBR about liberty market, These are 2019 figures. If you will see the revenue of these market it would be more than 100 billion. Same goes to Faisalabad Sotar Mandi is one of the example. top to bottom whole chain is undocumented. FBR B*** ka zoor b laga le ni kar sakti kuch. FBR should make some TV series similar to ISPR to elevate tax culture.

My comments are not against PTI or PMLn etc, i have questions on institutional performance. as per Shabar Zaidi economic emergency can save us.

So your point of 1000% increase every year for 10 years is correct? Prove that with figures please.

And by the way the informal GDP is around 56 percent of the formal GDP as of 2019 meaning that if the formal GDP was around $267 in 2019 then adding the informal means the actual economy was around $550. Still a sudden increase of 500% would have meant 17000 Billion(around $100 billion) Tax collection, which is around 20% tax of the total GDP, and is a more realistic number, so kindly, kindly, kindly don't stick to what is wrong, but if you are still sticking to it then kindly prove it mathematically.