FBR filed 71 complaints in 2020-21 under AML Act 2010

ISLAMABAD: In order to comply with Financial Action Task Force (FATF) conditions, the Federal Board of Revenue (FBR) has filed 71 complaints under Anti Money Laundering (AML) Act 2010 in fiscal year 2020-21 where more than Rs 62 billion were involved.

The FBR’s Directorate General Intelligence & Investigation of Inland Revenue filed 71 complaints under AML Act, 2010 where more than Rs. 62 billion were involved. The Directorate General seized 8,754 cartons containing 87,540,000 cigarette sticks during the period of July 2020 to June 2021.

The FBR’s efforts for broadening of tax base are experiencing apace as number of income tax returns filers have reached 3.01 million till end June 30, 2021 compared to 2.67 million last fiscal year 2019-20, registering an increase of 12.5 percent.

“FBR’s efforts to broaden the tax base are expending apace. Early signs suggest such efforts are bearing fruits. As on 30-6-2021, income tax returns for tax year 2020 have reached 3.01 million Compared to 2.67 million in Tax Year 2019, showing an increase of 12.5 %” the FBR’s news letter issued for June 2021 released on Friday stated.

It stated that the tax deposited with returns was Rs.52 billion compared to only Rs.34.3 billion last year, showing an increase of 52.1%. According to the information released by FBR, 11,100 point of sale terminals have been integrated with real time reporting system of FBR.

Directorate General of Intelligence & Investigation-IR showed commendable performance during July 2020 to June 2021. During this period, Directorate General forwarded 1,608 Investigation Reports and Red Alerts to the field formations involving revenue amounting to Rs. 244 billion.

FBR has collected net revenue of Rs. 4,732 billion during July-June period, which has exceeded the target of Rs.4,691 billion by Rs. 41 billion.

This represents a growth of about 18% over the collection of Rs. 3,997 billion during the same period last year.

The net collection for the month of June was Rs. 568 billion representing an increase of 26% over Rs. 451 billion collected in June 2020. The year-on-year growth of 18% is unprecedented particularly as it is realized on the heel of 26% growth in June. These figures would further improve before the close of the day and after book adjustments have been taken into account.

On the other hand, the gross collections increased from Rs. 4,132 billion during this period last year to Rs. 4,983 billion, showing an increase of 21 %. The amount of refunds disbursed was Rs. 251 billion compared to Rs. 135 billion paid last year, showing an increase of 86%.

This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry. Meanwhile, FBR’s efforts to broaden the tax base are expending apace. Early signs suggest such efforts are bearing fruits.

As on 30-6-2021, income tax returns for tax year 2020 have reached 3.01 million Compared to 2.67 million in Tax Year 2019, showing an increase of 12.5 %.

The tax deposited with returns was Rs.52 billion compared to only Rs.34.3 billion last year, showing an increase of 52.1%. According to the information released by FBR, 11,100 point of sale terminals have been integrated with real time reporting system of FBR. The improved revenue performance is even more significant due to adoption of ‘no-undue’ advances policy as well as effective enforcement by field formations. It is also a reflection of growing economic activities in the country despite facing the challenge of third wave of COVID19.

Pakistan Customs has collected Rs. 742 billion under the head of customs duty in FY 2020-21 against the assigned target of Rs. 640 billion and exceeded its target by Rs. 102 billion which is 16% more than the assigned target. VOL . 10 ( JUNE, 2021) PAGE. 5 During June 2021 smuggled goods worth Rs. 3.7 billion have been seized. Similarly, during July 2020- June 2021, smuggled goods worth Rs. 57.7 billion have been seized as compared to Rs. 36 billion in Jul 2019-June 2020 thus showing an increase of 58%.

Whereas during the month of June, 2021 an amount of Rs. 83 billion has been collected under the head of customs duty against the monthly target of Rs. 75 billion which is again 12% more than the assigned monthly target.

During June 2021 smuggled goods worth Rs. 3.7 billion have been seized. Similarly, during July 2020- June 2021, smuggled goods worth Rs. 57.7 billion have been seized as compared to Rs. 36 billion in Jul 2019-June 2020 thus showing an increase of 58%.

“This fiscal year has witnessed unprecedented 18% revenue growth with 12.5 % increase in filing of the Income Tax Returns compared to last year.

Hats off to team FBR for collecting first time in the history of the country PKR 4,732 billion and its contribution to national economic revival” Chairman FBR Asim Ahmed stated in his message.