FBR's 'historic' tax collection in FY2020-21 testimony to 'strong economic revival': PM

ISLAMABAD: Prime Minister Imran Khan lauded on Friday the Federal Board of Revenue’s (FBR) efforts in achieving “historic level of tax revenues of Rs4,732 billion in fiscal year 2020-21”.

Taking to Twitter, Prime Minister Khan said the FBR tax collection in the last fiscal year exceeded the revised target of Rs4,691 billion and was 18 per cent higher than last year.

I commend efforts of FBR in achieving historic level of tax revenues of Rs.4732 bn in 2020-21 – exceeding target of Rs 4691 bn &18% higher than last year. This performance is testimony to the strong economic revival spurred by our government’s policies.

— Imran Khan (@ImranKhanPTI) July 2, 2021

“This performance is testimony to the strong economic revival spurred by our government’s policies,” he said.

On Thursday, the Federal Board of Revenue (FBR) released provisional revenue collection figures for the fiscal year 2020-21, according to which, it collected net revenue of Rs4,732 billion during the Jul-June period, which exceeded the target of Rs4, 691 billion by Rs41 billion.

This represents a growth of about 18% over the collection of Rs3,997 billion during the same period last year.

The net collection for the month of June was Rs568 billion representing an increase of 26% over Rs451 billion collected in June 2020. “The year-on-year growth of 18% is unprecedented particularly as it is realized on the heel of 26% growth in June. These figures would further improve before the close of the day and after book adjustments have been taken into account,” the FBR said.