"Capital Smart City: Another master piece from the Capital Smart City launched one of its kind innovative & futuristic development - One Capital Residence." " "Nova City Islamabad has announced Nova City World - Overseas Block for its valuable customers. This state-of-the-art complex will offer luxurious modern amenities. " "Smart City has signed a MoU with Surbana Jorung. This will boast the position of Silicon Valley. " " Surbana Jorung will also design Cultural Village and some other miscellaneous projects" "RUDN Enclave: Development work in RUDN Enclave is on full swing. FWO also started construction of proposed Rawalpindi Ring Road." "Lahore Smart City’s new partnership with Galeria Designs, Raees Fahim, and Faisal Rasul. The future looks bright for Signature Villas!" "Dr Daniel been assigned the task of designing One Capital Residences would surely give birth to an aesthetic giant amidst the twin cities." "Alhamdolillah, with the grace of almighty Allah 2xHybird Double Decker Busses reached safely at Capital Smart City." "Capital Smart City has taken a pivotal step towards water filtration. This the filtration plant of capacity 4.5 Million Gallons per Day (MGD)."
May 4, 2021
FBR exceeds its revenue collection target by Rs34 billion in April

FBR Exceeds Its Revenue Collection Target By Rs34 Billion In April

According to preliminary data obtained by tax authorities on Friday, the Federal Board of Revenue (FBR) exceeded its revenue collection goal by Rs34 billion to Rs384 billion in April, the second-highest collection in the second half of the current fiscal year (FY21).

Despite the effect of Covid-19 on all sectors of the economy, April was the second consecutive month in which FBR revenue collection exceeded the estimated monthly goal. The net collection for April was Rs384 billion against a goal of Rs350 billion, representing a 9.7 percent rise. Revenue generation increased by 57 percent as compared to the collection of Rs244bn in April 2020.

During the period July 2020-April 2021, the FBR received net revenue of Rs3.78 trillion, exceeding the target of Rs3.637 trillion by more than Rs143 billion. This reflects a 14 percent increase over the previous year’s collection of Rs3.320 trillion. Because of the Covid-19 pandemic, Pakistan was put on lockdown in mid-March 2020, resulting in the lower collection during the last year’s monthly collections in April 2020 and onwards.

This year’s refunds totaled Rs195 billion, up from Rs118 billion charged the previous year, a 65.3 percent rise. While planning the FY21 budget, the government assured the International Monetary Fund (IMF) that it would raise Rs4.96 trillion as opposed to Rs3.99 trillion in FY20, a 24.4 percent rise. However, the IMF has reduced the revenue estimate for the current fiscal year to Rs4.691 trillion.

To meet the revised goal, the FBR will need to raise Rs911 billion in the current fiscal year’s May-June period. This goal seems to be within reach unless there is no complete lockdown in the country and companies continue to operate. The IMF has introduced an Rs5.963tr tax generation goal for the FBR for next year, up from an Rs4.691tr updated target for the current fiscal year.

Leave a Comment

Your email address will not be published.