The achievement is historical as it is for the first time that the collection has surpassed the psychological target of Rs. 4 trillion. The revised target has been surpassed by around 1 percent, said Dr. Muhammad Ashfaq Ahmed in a report issued on Friday.
He said that global economies are grappled with unprecedented challenges posed by Covid-19. Pakistan is no exception.
However, despite numerous obstacles, Pakistan has been able to contain the damages of the pandemic through appropriate and timely response which has set the economy on the path of early recovery.
Economic turnaround, which started in the first half of FY 2021, culminated in a 3.94% growth in the GDP by the end of the financial year.
FBR’s revenue collection has also evinced remarkable growth during FY 2021. After two lean years FY 2019 and FY 2020 ending with a growth of -0.4 and 4.4 percent, FBR revenue collection recorded a growth of 18.4 percent during FY 2021.
In absolute terms, FBR collected Rs. 4,734.2 billion, which is Rs. 736.8 billion higher than FY 2020.
Sales tax and customs recorded growth of 24.1 percent and 19.3 percent, followed by direct taxes 13.3 percent and FED 11.6 percent, he added.
According to the report, Covid-19 pandemic has significantly impacted national economies worldwide and revenue collection efforts of FBR have also suffered consequently.
Keeping in view the negative impact of Covid-19 on the economy, the annual revenue collection target of the fiscal year 2020-21 was revised downwards, from Rs. 4,963 billion to Rs. 4,691 billion.