Prime Minister Imran Khan has expressed happiness at the working of Federal Board of Revenue (FBR) on collecting Rs850 billion during July-August, surpassing its target by 23 percent.
In a Tweet on Wednesday, the premier expressed the hope that FBR will comfortably achieve the target of annual tax collection of Rs5,829 billion given the tax collection of the first two months of the fiscal year 2021-22.
This reflects growth of 51 percent in revenue over the same period last year, the premier added.
The FBR has exceeded the two months target, strengthening the government’s case before the International Monetary Fund (IMF).
But 55 percent of the total revenue was collected at the import stage, which is also becoming a reason for increasing prices of various commodities. The FBR also collected Rs458 billion in indirect taxes – general sales tax, customs duty, and federal excise duty which are the three main sources of indirect taxes.
Against the two-month target of Rs690 billion, the FBR has provisionally collected Rs850 billion during the July-August period of this fiscal year, exceeding the target by Rs160 billion, said FBR Chairperson Dr Mohammad Ashfaq while addressing his maiden press conference.