Saturday, August 20, 2022

FBR exceeds FY 2021-22 tax collection target by Rs300 billion

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Islamabad: The Federal Bureau of Revenue (FBR) collected a tax of Rs 6 trillion in the fiscal year 2021-22, exceeding the target of Rs5.8 trillion, ARY News reported. 

According to details, a total of Rs 6 trillion in tax was collected in the fiscal year 2021-22, an FBR spokesperson said.

Rs2.2 trillion was collected in income tax, while an amount of Rs2.7 trillion was collected as sales tax in 2021-22.

FBR spokesperson told that a total of Rs1,007 billion were collected in customs duty in 2021-22. While the FBR issued an amount of Rs305 billion in refunds.

Former spokesperson of the finance ministry Muzammil Aslam said that the FBR data is a ‘shut up call’ to all the people who were claiming that the tax collections for the fiscal year 2021-22 would not be met.

The PTI leader took to Twitter and said that income tax increased by 31%, while an increase of 28% was witnessed in sales tax. If the PTI has successfully implemented the Petroleum sales tax, the figure had gone up to Rs6.5 trillion.

Also Read: ‘FBR played key role in compliance of FATF’s action plans’

 

The finance specialist said that all experts said that the target of Rs5.8 trillion was unachievable but we surpassed that limit. However, the incumbent is making very bad decisions which would nullify our effort, he added.

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