FBR releases revenue data for July-December FY2020-21

FBR releases revenue data for July-December '20

ISLAMABAD (Dunya News) - The Federal Board of Revenue (FBR) has released preliminary data on revenue collected between July and December, achieving net revenue of Rs 2204 billion in the first half of the financial year.

According to FBR’s statement, this is 99.7% of the revenue target set for the six month period and 5% more than last year’s collection of Rs 2101 billion. Sales tax revenue stood at Rs 915 billion, federal excise duty at Rs 127 billion, customs duty at Rs 336 billion while income tax of Rs 816 billion was collected.

Revenue collection jumped by Rs 39 billion as compared to December 2019. Refunds of Rs 102 billion were issued from July to December of the current financial year, which is about 90% more than the previous year’s refunds of Rs 53 billion.

According to the statement, compared to 2019’s 2.17 million taxpayers, 2.3 million taxpayers have filed income tax returns as of December 31, 2020. Rs 43.5 billion has been collected from the tax paid along with the returns compared to Rs 28 billion in 2019. Thus, the income tax paid this year increased by 55%.

FBR also said that smuggled goods worth Rs 30 billion were seized in these six months compared to Rs 22 billion last year.