Prime Minister Imran Khan has congratulated the Federal Board of Revenue (FBR) for achieving tax collection of Rs1,840 billion during the first four months of current fiscal year 2021-22.
In a tweet on Saturday, the prime minister said that Rs1,840 billion revenue collection is 37 percent higher than the corresponding period of the last financial year.
He pointed out that tax collection in October surpassed its monthly target because of a robust economic performance. The prime minister said that contrary to propaganda, income tax collection also grew by 32 percent.
The FBR has collected a net of Rs1,840 billion during July-October against the assigned target of Rs1,608 billion, showing that it exceeded its target by Rs232 billion in the first four months of the current fiscal year. The FBR was able to materialise good performance but it is largely achieved through duty and taxes collected at the import stage.
The FBR has achieved almost 55 percent revenue collection through the import stage, so if imports are curbed under the IMF programme, the revenue collection would also be impacted negatively in the remaining period of the current fiscal year.
“We are expecting that the FBR’s collection will go up by a few billion rupees more when the figures will be finalised,” an FBR official said.
The FBR had made a net revenue collection of Rs1,395 billion during the first quarter of the current financial year against the set target of Rs1,211 billion, exceeding by Rs186 billion. The net collection for the month of September 2021 stood at Rs535 billion, representing an increase of 31.2 percent over Rs408 billion collected in September 2020.
It is pertinent to mention that after collecting over Rs4.7 trillion and exceeding its assigned revenue targets set for the tax year 2020-21, the FBR has successfully maintained the momentum in the first four months of the current fiscal year 2021-22. The FBR wants to achieve the annual target of Rs5,829 billion during the current fiscal year.
