FBR surpasses July revenue collection target by Rs71bn

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ISLAMABAD: The Federal Board of Revenue (FBR) collected net revenue of Rs413 billion in the first month of the fiscal year 2021-22, showing about 36 percent growth over the collection of Rs303 billion during the last year’s corresponding period. According to provisional data, July’s tax collection surpassed the target of Rs342 billion by Rs71 billion. The FBR said it disbursed refunds amounting to Rs20 billion compared to Rs15.7 billion paid last year, showing an increase of 26.6 percent. “This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry despite facing the challenge of fourth wave of Covid-19,” it pointed out. TLTP