The Federal Board of Revenue buildind. — APP/File

FBR close to beating Rs6.1tr target for FY22

by Pakistan News
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The Federal Board of Revenue buildind. — APP/File

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs6 trillion in taxes since the start of the outgoing fiscal year 2021-22 to date, recording a growth of 29%.

According to the provisional information, the FBR generated Rs6 trillion in taxes from July 1 to June 28 of the current financial year (2021-22), showing an increase of nearly 29% over the collection made during the same period of the previous fiscal year.

A few more billions will be added when revenue collection from book adjustments and others is cleared in the next two days.

For 2021-22, the government has revised the revenue collection target for the FBR at Rs6.1 trillion as against the earlier projection of Rs5.829 trillion. To date, the FBR has achieved 98.3% of the target set for the outgoing fiscal year.

Among the federal taxes, the income tax collection recorded a growth of 31% as FBR raised Rs2,205.3 billion, followed by Rs2,773.3 billion in sales tax in the outgoing fiscal year. However, the federal excise duty collection clocked in at Rs319.6 billion.

First time in 20 years

Taking to his Twitter handle, former finance minister Shaukat Tarin said that this is possible due to the strong economic growth and progressive tax policies of former prime minister Imran Khan and PTI.

“Bravo FBR, bravo PTI. Now let’s not go back to regressive tax policies of taxing the already taxed and overtaxing the productive sectors of the economy,” he tweeted.

Meanwhile, PTI spokesperson on economy and finance highlighted that this is the first time in 20 years that FBR has surpassed not only its target but also added a 2% tax to the GDP.

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