FBR registers more than 24% revenue growth
Federal Board of Revenue has continued to display satisfactory performance in the fifth consecutive month of the current financial year and achieved provisional net revenue collection of over Rs. 270 billion for the month of November, 2017 by recording an increase of around 24% over the revenue collected during the corresponding month of last fiscal year. Refunds during this month have also been issued to the tune of Rs 13 billion. Provisional net revenue collection was recorded as Rs. 1302 billion for the first five months of the fiscal year with an increase of around 19.55% over the net revenue collected during the same period of last fiscal year. During fiscal year 2016-17, the collection for the first five months stood at 1089 billion The target for the year has been fixed with an annual increase of 19.2% over the previous year.
Federal Board of Revenue has also registered substantial growth in the number of returns received for the tax year 2017 upto 30 th November, 2017 as compared to returns received for tax year 2016 upto 30 th November, 2016. Only 746,022 returns were received upto November 30, 2016, whereas at 8 pm on November 30, 2017 a total of 991,187 returns have been received and the number is still expected to increase. This shows a substantial increase of around 33% in the number of returns received during the same period of previous fiscal year.