PM Imran shares ‘good news’ on economic front

ISLAMABAD – Prime Minister Imran Khan expressed optimism that the Federal Board of Revenue (FBR) will ‘comfortably achieve’ the annual tax collection target of Rs5.82 trillion.

The premier shared the development after the federal agency exceeded the assigned two-month target of Rs690 billion by over 23 percent.

Good news on tax collection. FBR collected Rs.850 bn during July & August 2021, exceeding its own target figure by 23% & reflecting growth of 51% in revenue over same period last yr. At present rate, annual collection target of Rs.5,829 bn will be comfortably achieved InshaAllah.

— Imran Khan (@ImranKhanPTI) September 1, 2021

A tweet post earlier today cited that the collection reflects the growth of 51 percent in revenue over the same period last year. “At the present rate, annual collection target of Rs5.8bn will be comfortably achieved InshaAllah,” the tweet reads.

On Tuesday, FBR Chairman while speaking in a press briefing said “FBR has provisionally collected Rs850 billion during July-August (2021-22) against the assigned target of Rs 690 billion, reflecting an increase of Rs160 billion”.

He also announced his roadmap for restructuring tax machinery and growth of 45 percent in revenue collection in the second month of the current fiscal year.

The FBR has probably collected over 50 percent of taxes from the imports including food items, machinery/equipment, and raw materials, which are ultimately consumed in the domestic manufacturing in the country.

Last month, he commended the Federal Board of Revenue for achieving a record Rs410 billion in revenue in July 2021 as he termed the record revenue collection as a reflection of the PTI-led government’s policies for sustained economic growth and revival.