During the fourth quarter (April-May-June), when the incumbent coalition government assumed power, Rs1741 billion revenues were collected, which showed 29 percent increase when compared to the collection of Rs1351 billion during the corresponding period of last year
Federal Minister for Finance and Revenue, Miftah Ismail said here on Friday that the Federal Board of Revenue (FBR) had created history by collecting Rs763 billion revenues during a single month (in June).
Addressing a press conference also with Chairman FBR, Asim Ahmad, the minister said, earlier, the collection record for one month was Rs580 billion and the board had never crossed Rs600 billion bench mark. He said the performance of the last quarter was excellent, as the collection grew by 32 percent.
Lauding efforts made by FBR and its chairman, the minister said, the tax collection increased despite the fact that the government paid Rs39 billion refunds last month, which is more than 44% percent compared to the last year.
He said, collectively Rs105 billion refunds were paid, which is 55% more than the corresponding period of last year.
He said, during the fourth quarter (April-May-June), when the incumbent coalition government assumed power, Rs1741 billion revenues were collected, which showed 29 percent increase when compared to the collection of Rs1351 billion during the corresponding period of last year.
He said, this was the period when he [Miftah] became finance minister and at the same time Asim Ahmad took charge as Chairman FBR.
He said, the collection was achieved without imposing sales tax on petroleum products as the previous government had abolished it. He said, the PTI government had set collection target at Rs6100 with sales tax on petroleum products, however the incumbent government crossed that target without sales tax on these products.
He said, he was told by previous FBR Chairman that reaching the target of Rs6000 was difficult without imposing sales tax on petroleum products adding that he too had proposed Rs6050 billon target to IMF, but the government crossed the target and collected over Rs6100.
The minister said, during this quarter, if sales tax is removed, there was 45 percent increase in both gross net revenue collection compared to corresponding period of last year.
He said the FBR also made record by collecting Rs379 income tax, which was recorded maximum at Rs262 billion, showing an increase of 45 percent. He asserted that the board did not take a single rupee as advance tax.
He said, FBR had cleared all processed claims of sales tax, income tax and claims made though FASTER whereas drawback of local taxes and levy (DLTL) was also cleared.
Speaking on the occasion, Chairman FBR, Asim Ahmad said that this was team effort of FBR that this milestone was achieved. He said, the revenue collection growth in March 2022 was declining as compared to July as sales tax domestic was witnessing Rs40 to Rs45 billion deficit so revised target was a challenge.
However he added, FBR made strategy and took enforcement and administrative measures, with special focus on current and arrears recovery and collected Rs250 billon, which is historic.
He said as many as 175,000 returns were filed during last quarter whereas there had been increase of 58% in advance tax which grew from Rs360 billion last year to Rs565 billon this year.
He said, the board plans to enhance technological intervention and had put in place track and trace system on cigarettes and 12 other companies whereas it would also be put of fertilizer and cement sectors.
He said, last year 4000 new retailers were put on Point of Sale (PoS) system and the board aimed to include 12000 new retailers on POS system this year.
He said, the Prime Minister had made strategic map and quarterly targets have been assigned with timelines. In addition, FBR aimed to bring 700,000 new traders in fix tax scheme.
