The Federal Board of Revenue (FBR) exceeded its 11-month target as it collected Rs4,167 billion in the current fiscal year against an assigned target of Rs3,994bn, reflecting an increase of Rs173bn.
After this tax collection, the FBR has registered a growth of about 18 per cent. The FBR collected Rs387bn in May 2021 against a desired monthly target of Rs357bn, surpassing the collection target by a wide margin.
PM Imran Khan congratulates FBR on collecting historic high tax figures
A few days back, Prime Minister Imran Khan commended the FBR for crossing a ‘historic milestone’ by collecting more than Rs4 trillion in taxes for the first time in any fiscal year.
“During Jul(2020)-May(2021) our collections reached Rs4143 bn and still counting,” PM Imran said in a tweet adding that the tax collection is “18% higher than same period last (fiscal) year.”
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The premier added that such performance reflected the broad-based economic revival spurred by the current government’s policies.
Earlier it was reported that the tax collection body maintained a steady momentum and received Rs3.78 trillion in taxes in the first 10 months of the current fiscal year but its dependence on indirect taxes further increased to 64% of the total receipts.
Provisional results for July-April showed that the FBR collected Rs143 billion more than its revised target. The collection was almost equally made at the import stage where nearly one out of every two rupees was collected.
The FBR collected Rs3.78 trillion in the first 10 months of the current fiscal year as against Rs3.32 trillion in the same period of the last fiscal year, registering a growth rate of nearly 14%, according to the provisional results.
The collection was Rs460 billion higher as compared to the same period of last fiscal year.