FBR collected 232 billion rupees more than of the target in current financial year

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 1,840 billion in the first four months of the current financial year, which is Rs 232 billion more than the target of Rs 1,608 billion.

According to the Dawn newspaper, the data released by the FBR shows that in the first four months of this year (July-October), the revenue was 37%, compared to Rs 1,341 billion in 2020. Increased.

According to the FBR, revenue collection in October 2021 is 33% higher than last year’s Rs 331 billion.

It was Rs 439 billion in October, which was more than the target of Rs 397 billion with an increase of Rs 42 billion during July-October.

These figures will increase further before the end of the day (Sunday) and after taking into account the book adjustment.

In this regard, Prime Minister Imran Khan praised the performance of the FBR on the social networking website Twitter.

“I would like to congratulate the FBR on its tax collection of Rs 1,840 billion for July / October, which is 37 per cent more than last year,” he said.

Prime Minister Imran Khan added that the tax had exceeded its monthly target in October, all due to a strong economic performance.

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He added that contrary to propaganda, income tax has also increased by 32% annually.

In addition, Shaukat Tareen, Advisor to the Prime Minister on Finance and Revenue, said that the collection of revenue was not based on imports.

He added that October also saw an improvement in the collection of revenue from domestic taxes.

Shaukat Tareen linked the impressive performance in revenue to the overall growth of the economy.

He said the impact of the track and trace system and expanding the tax base, including retailers’ sales documents, would yield more results in the coming months.

He hoped that the estimated target of Rs 5,800 billion would be easily achieved.

The government has prepared this year’s budget and assured the International Monetary Fund (IMF) that Rs 5,829 billion would be deposited in FY22 as against Rs 4,721 billion in FY21.

The finance adviser had already met with the IMF in Washington in mid-October to launch the sixth tranche of the 6 6 billion expansion fund facility.

The final report or outcome of the talks is expected next week.

During July-October 2020, the total collection, including refunds and rebates, increased from Rs. 1,407 billion to Rs. 1,931 billion in the current financial year, an increase of 37%.

In October 2021, the collection of customs was Rs. 75 billion as against Rs. 52 billion last year.

Income tax (IT) collection during the first four months stood at Rs 626 billion against the target of Rs 566 billion, an increase of Rs 60 billion.

Sales tax (ST) collection increased by 40 per cent to Rs 903 billion from Rs 644 billion in the same period last year.

The target was estimated at Rs 692 billion and it exceeded Rs 211 billion.

This growth was due to the highest ever rise in fuel prices, an increase in imports and economic activity during the period under review.