In a historic first, FBR surpasses 11-month revenue target

ISLAMABAD: The Federal Board of Revenue (FBR) collected net revenue of Rs4.167 trillion during July 2020-May 2021, ARY News reported, quoting sources.

The net collection during the first 11 months of the current fiscal year surpassed the target of Rs3.994tr by over Rs173 billion (4.33pc), showing growth of about 17 per cent when compared to the collection of Rs3.549tr during last year’s corresponding period.

Also Read: PM commends FBR on 57% growth in tax collection in April

The revenue collection for May was Rs386bn against a target of Rs358bn, registering an increase of Rs 28 billion.

The sources within the tax body relayed the income tax collection stood at Rs1.472 trillion during the July 2020-May 2021 period, the sales tax collection at Rs1.777tr, customs duty at Rs672 billion and federal excise duty at Rs252.

On May 29, Prime Minister Imran Khan commended efforts of the Federal Bureau of Revenue (FBR) over crossing tax collection of Rs4,000 billion in a fiscal year for the first time ever in Pakistan’s history.

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Taking to Twitter, the prime minister said that the tax collections have reached Rs4,143 billion during the period of 11 months. “During [July]-May our collections reached Rs.4143 [billion] & still counting – 18% higher than the same period last year,” he said, adding that it reflects broad-based economic revival spurred by government policies.