Friday, August 12, 2022

Revenue collected above target in July: FBR

The Federal Board of Revenue says that in July 2022, it collected 15 billion more revenue than the set target, the statement issued by FBR stated that the revenue target in July was 443 billion rupees, but the institution collected 15 billion rupees more than that. Revenues of 458 billion rupees were collected.

According to FBR, revenues of Rs 417 billion were collected last July, further improvement is expected in July figures after adjustment of accounts.

The statement said that the amount of refunds paid in July this year was 28 billion rupees, while 21 billion rupees were refunded in July last year.

According to FBR, the increase in tax revenue is the result of the measures introduced in the Finance Act 2022, the rate of local taxes in revenue is 55 percent while the rate of import tax is 45 percent, the rate of increase in local taxes is about 31 percent.

According to the data, the advance tax on the sale of properties increased by 118 percent, while the federal excise duty on the tobacco industry increased by more than 47 percent.

According to the declaration, 67 billion rupees were collected during July 2022 in the form of customs duty, while the rate of income tax returns was 3.0 million in 2020, which has now reached 3.4 million.

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