FBR nears to achieve revenue collection target for 2021/2022

FBR nears to achieve revenue collection target for 2021/2022

KARACHI: Pakistan’s apex tax agency has almost achieved the revenue collection target of Rs6.1 trillion for fiscal year 2021/2022.

According to FBR sources the revenue collection has crossed the ambitious mark of Rs6 trillion by midday of June 28, 2028. “The FBR needs another Rs100 billion to surpass the revised upward revenue collection target for the outgoing fiscal year,” a senior FBR official said.

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The actual revenue collection target for the FBR was Rs5.9 trillion. However, under the IMF program and excellent revenue collection performance throughout the year, the revenue collection target was revised upward to Rs6.1 trillion.

The sources said that the FBR is likely to surpass the collection target by today (June 28, 2022) evening as only Rs100 billion is left to achieve the target.

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The FBR has further two days i.e. June 29 and June 30 to finish the fiscal year 2021/2022.

According to the Rs6 trillion breakup of revenue collection made available, the FBR collected Rs2.21 billion as income tax; Rs2.77 trillion as sales tax; Rs320 billion as federal excise duty; Rs1.01 trillion as customs duty.

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The gross collection of the FBR till Midday of June 28m 2022 comes at Rs6.305 trillion. The revenue body granted an amount of Rs305 billion as refunds that makes the net revenue collection at Rs6 trillion.

The sources said that the FBR has achieved around 98.3 per cent of the target so far. The comparative numbers with the last fiscal year, the revenue collection targets in income tax, sales tax, federal excise duty and customs duty has been achieved as 98 per cent, 98 per cent, 95 per cent and 102 per cent, respectively.

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