PM Imran praises FBR for Rs1.84 trillion tax collection

PM Imran praises FBR for Rs1.84 trillion tax collection

Prime Minister Imran Khan has lauded the Federal Board of Revenue (FBR) for achieving a commendable milestone in tax collection, announcing that the revenue for the first four months (July – October) of the fiscal year 2020/2021 has reached Rs1.84 trillion.

In a tweet on Saturday, the prime minister expressed his satisfaction with the 37% increase in tax collection compared to the same period in the last fiscal year.

“I want to congratulate FBR for achieving tax collection of Rs 1,840bn for July/Oct, which is 37% higher than last year,” Prime Minister Imran Khan stated.

The prime minister highlighted the remarkable economic performance contributing to this achievement, asserting that the tax collection for October has also exceeded the set monthly target. Contrary to negative narratives, he emphasized that Income Tax specifically demonstrated robust growth, recording an impressive 32% year-on-year increase.

The announcement underscores the government’s efforts to bolster economic stability and strengthen revenue streams despite challenges posed by the global economic landscape and the ongoing COVID-19 pandemic. Prime Minister Imran Khan’s praise for the FBR indicates confidence in the fiscal policies and strategies implemented to stimulate economic growth and enhance tax compliance.

The 37% year-on-year increase in tax collection reflects not only the resilience of the economy but also the effectiveness of measures taken by the government and tax authorities to streamline the taxation system. These efforts are pivotal in ensuring a sustainable revenue base for the country’s development initiatives and public welfare programs.

The prime minister’s acknowledgment of the robust economic performance is likely to boost morale within the FBR and the broader economic sector. It also serves as a positive signal to investors and stakeholders, showcasing Pakistan’s commitment to fiscal responsibility and financial sustainability.

The government’s emphasis on increasing tax collection aligns with broader economic objectives, including reducing fiscal deficits, addressing debt challenges, and promoting responsible fiscal management. The positive trajectory in tax collection contributes to building confidence among international financial institutions and investors, potentially opening up avenues for increased foreign investment.

As Pakistan navigates through the complexities of the global economic landscape, the achievement highlighted by Prime Minister Imran Khan serves as a testament to the resilience and adaptability of the country’s economic framework. The commitment to transparency, accountability, and fiscal responsibility remains at the forefront of the government’s agenda, and achievements in tax collection are integral to realizing these goals.