ISLAMABAD: Prime Minister Imran Khan praised the Federal Board of Revenue (FBR) for exceeding its monthly tax collection goal in October.
“I want to congratulate FBR for attaining tax collection of Rs 1,840 [billion] for July/October, which is 37 percent more than previous year,” the premier tweeted on his official Twitter account.
Imran Khan stated that tax collection in October exceeded the monthly target established by the government. “It’s all because to a strong economic performance,” he explained.
In addition, the premier claimed that, contrary to popular belief, income tax collections increased by 32% year over year.
It’s worth noting that the tax collection agency has already exceeded its objective by Rs31 billion, collecting Rs428 in October 2021 versus a target of Rs397 billion, according to The News.
The FBR collected a net of Rs1,823 billion from July to October, compared to a target of Rs1,608 billion, indicating that it surpassed its objective by Rs215 billion in the first four months of the current fiscal year.
According to sources, the FBR has received around 55 percent of income from duty/taxes collected at the import stage, therefore if imports are restricted under the IMF programme, revenue collection will be significantly impacted in the remaining months of the current fiscal year.
The FBR raised Rs428 billion in the first 29 days of October 2021, exceeding its objective by a large margin of 29 percent. In the previous fiscal year 2020-21, the FBR collected Rs331 billion in the same month
The FBR’s preliminary tax collection was Rs1,823 billion (net) in the first four months of this fiscal year, compared to Rs1,342 billion in the same period of the previous fiscal year, a 35 percent rise.