The Federal Board of Revenue has exceeded July’s tax collection target by a margin of Rs68 billion.
As per the statistic compiled by the revenue board on Friday, FBR has collected over Rs410 billion against the target of Rs341.7 billion for the first month of the fiscal year 2021-22.
Compared to the same month of last fiscal year, this year, the provisional collection of Rs410 billion is 36.5 per cent higher. The monthly collection is around 7 per cent of the annual target.
As per the sources, FBR has paid Rs20 refunds during the first month of FY2021-22.
The FBR did not take any advance tax in the fourth quarter of the last FY, which is why it surpassed the revenue target of July. In addition, the increase in sales tax on imported items has contributed an additional Rs15 billion to the collected revenue.
FBR high ups have informed Finance Minister Shaukat Tarin that the current fiscal year’s targets can be achieved by focusing on Point of Sales (POS).
The finance minister has said that the FBR can deliver the target without taking additional revenue measures.