ISLAMABAD: The Federal Board of Revenue (FBR) has recorded a growth of 29 percent as the federal body for tax collection accumulated Rs.6 trillion in taxes since the start of the outgoing fiscal year 2021-22 to date, FBR said on Tuesday.
According to the provisional information, the FBR generated Rs6 trillion in taxes from July 1 to June 28 of the current financial year (2021-22), showing an increase of nearly 29% over the collection made during the same period of the previous fiscal year.
In his twitter message, former finance minister Shaukat Tarin said that this is possible due to the strong economic growth and progressive tax policies of former Prime Minister Imran Khan and PTI.
Well done FBR. This was possible due to the strong economic growth and progressive tax policies of PMIK lead PTI. Bravo FBR, Bravo PTI. Now let’s not go back to regressive tax policies of taxing the already taxed and overtaxing the productive sectors of the economy https://t.co/x25tZLSZI2
— Shaukat Tarin (@shaukat_tarin) June 28, 2022
Moreover, PTI spokesperson on economy and finance highlighted that this is the first time in 20 years that FBR has surpassed not only its target but also added a 2% tax to the GDP.
As per data, for 2021-22, the government has revised the revenue collection target for the FBR at Rs6.1 trillion as against the earlier projection of Rs5.829 trillion. To date, the FBR has achieved 98.3% of the target set for the outgoing fiscal year.
A few more billions will be added when revenue collection from book adjustments and others is cleared in the next two days.
Among the federal taxes, the income tax collection recorded a growth of 31% as FBR raised Rs2,205.3 billion, followed by Rs2,773.3 billion in sales tax in the outgoing fiscal year. However, the federal excise duty collection clocked in at Rs319.6 billion.