FBR collects Rs298 bn more than tax target in five months of FY2022

KARACHI: Federal Board of Revenue (FBR) has collected Rs298 billion more than the target set for the tax collection during five months of the ongoing fiscal year 2021-22, ARY NEWS reported.

The FBR said that the tax collection saw a 36.5 percent hike in five months as compared to the last year after it collected Rs2314 billion in FY2022.

“The revenue collection target for the first five months was Rs2016 billion,” it said adding that the FBR collected Rs1695 billion in the five months of the last fiscal year 2020-21.

FBR registers historic growth in revenue collection of 36.5 % from Jul-Nov of the FY 2021-22. It has collected net revenues of Rs.2,314 Billion during the first five months of the current FY against set target of Rs. 2,016 Billion,exceeding by Rs.298 Billion.

— FBR (@FBRSpokesperson) November 30, 2021

The FBR collected Rs470 billion in November 2021 as compared to the target of Rs408 billion, showing an additional collection of Rs62 billion. Last fiscal year, the revenue body saw a collection of Rs348 billion in November, thus highlighting a 35.2 percent increase this year.

Recently, the finance advisor, Shaukat Tarin, has held a meeting with the federal revenue board chairman Muhammad Ashfaq Ahmad as the two top officials mulled over ways to broaden the country’s tax base.

The FBR team briefed the finance ministry huddle, chaired by Shaukat Tarin, over the tax base of Pakistan and the strategies to widen it. We have begun taking steps toward securing data with the help of NADRA, said revenue body head Ahmad.

All the challenges and targets that lay before the federal tax collector, to reach all the potential taxpayers, were discussed in the briefing today, according to the post-meeting statement released.

The finance advisor counselled FBR effective ways and coordinated efforts to materialize its efforts. Seek support to encourage the tax culture in the country, he advised.