November 29, 2022
Business

FBR collects more taxes than expected in July and reports a Rs458 billion profit

Despite the Iqbal Day holiday, FBR is open

ISLAMABAD: The Federal Board of Revenue (FBR) announced the preliminary revenue collection data for July 2022, which came to Rs458 billion. The numbers show that the FBR’s net revenue over the period was Rs458 billion, which was 15 billion rupees more than its target of Rs443 billion.

According to the FBR, these receipts constitute the largest July collections ever and an increase of almost 10% over the Rs417 billion in receipts made during the same period last year. After accounting for book adjustments, the numbers should become better.

The gross collection, on the other hand, increased from Rs438 billion in July of the previous year to Rs486 billion, a rise of 11%. Similarly, the amount of refunds given out in July increased by 32% to Rs28 billion from Rs21 billion paid in the previous year.

Due to the paradigm shift, domestic taxes made up 55% of the total collection while import taxes kept their 40% share. The trend has changed as a result. Previously, 52–53% of the total revenue was collected via taxes at the import stage. Similarly, the increase in domestic income tax is close to 31 percent, which the FBR described as a “dramatic move towards direct taxation.”

Leave a Reply

Your email address will not be published. Required fields are marked *