FBR meets tax collection target successfully for current FY

ISLAMABAD – The Federal Board of Revenue surpassed its tax collection target of Rs4,691 billion for the fiscal year 2020-2021.

Reports in local media cited that the federal agency managed to collect Rs4,725 billion however it meets its initially envisaged tax collection target of Rs4,963 billion for 2020-21, which was later revised downward to Rs4,691 billion in line with the IMF agreement.

Sources in FBR claimed that the tax collections increased by at least 18.2 percent during the current fiscal year. Earlier, the revenue officials had collected Rs3997 billion.

Meanwhile, the federal law enforcement agency made a net collection of Rs555 billion in June 2021 that helped the bureau raise its overall collection to Rs4,725 billion on June 30, 2021.

The reports further added that the FBR’s collection stood at Rs4,170 billion during the first 11 months, and after adding the collection of June 2021, the overall collection hiked to Rs4,725 billion.

However, the FBR has not officially commented on the issue and likely to make a formal announcement today.

The achievement is the first where FBR has achieved net revenue collection growth in the range of 18.2 percent as earlier in the first two FYs of the incumbent government; the FBR’s revenue growth had remained flat.

An official of the agency while speaking with a Pakistani newspaper said ‘FBR has surpassed its revised tax collection target and so far, the collection stands at Rs4,725 billion on June 30, 2021.’ Adding that, the FBR’s gross collection stood at Rs4,976 billion till June 30, 2021, and the Board paid refunds of Rs251 billion, so the net collection fetched Rs4,725 billion.’