Pakistan’s Tax Authority’ Federal Bboard of Revenue (FBR) has exceeded the July-2021 tax collection target by a wide margin of PKR 68 billion.
According to statistics compiled by the tax Authority, FBR raised more than PKR 410 billion in the first month of the 2021/22 fiscal compared to its monthly target of PKR 341.7 billion. The monthly target was over achieved by 7 percent.
The tax collection of 410 billion rupees in July’2021 was 36 percent higher than the tax collected during the July’2020.
FBR also processed Tax refunds of PKR 20billion in the first month of the current fiscal year (1 MFY22).
No advanced tax was imposed in the fourth quarter of last fiscal year (fourth quarter of fiscal 21) as FBR exceeded its July revenue target. In addition, the government increased its import tax, so it collected an additional import tax of about Rs 15 billion over the first month of last fiscal year.
Sources said senior FBR officials have informed Finance Minister Shaukat Tarin that they can meet the collection target for the current fiscal year by focusing on point of sale (POS) tax collection of Retail Outlets.
The government has set a Tax Collection target of PKR 5.829 trillion for the current fiscal year.
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