FBR Makes History By Exceeding Upward Revised Target Of Rs6.1tr For FY2021-22.

ISLAMABAD -- For the first time in recent history, the Federal Board of Revenue (FBR) has exceeded its upward revised tax collection target of Rs6.1 trillion during the fiscal year 2021-22 despite collecting reduced General Sales Tax on oil products.

The FBR has collected more than Rs6.110 trillion during the previous fiscal year (ended on June 30) against the upward revised target of Rs6.1 trillion. The FBR's initially tax collection target for the last financial year was Rs5.83 trillion in the annual budget for year 2021-22, which was later upward revised to Rs6.1 trillion on the directions of the International Monetary Fund (IMF). However, the FBR has comfortably achieved the target.

'Congratulations to Chairman FBR and his team on exceeding the revised tax target of Rs 6.1tr for FY 2021-22. FBR collected Rs 763b in June 22 v/s Rs 580b in June 21, registering a 32% growth. Refunds of Rs 39b issued in June 22 v/s Rs 27b in June 21, increase of 44%,' said Federal Minister for Finance and Revenue Miftah Ismail on twitter. He appreciated the FBR workforce for its outstanding performance in this quarter. During 4th qtr, tax collection of Rs 1741b v/s Rs1351b last year, an increase of 29%. Refunds of Rs 105b issued during 4th qtr of CFY against Rs 68b in the same period last year, an increase of 55 percent.

FBR collected Rs763 billion in June 22 v/s Rs580 billion in June 21, registering 32% growth

According to ministry of finance, growth momentum in tax collection has been realized largely on the back of import-related taxes due to a sharp rise in import volumes. The government had announced measures to restrict imports in an effort to relieve external account pressures. With these measures in place, meeting the FBR tax collection target for FY2022 was a daunting task. In the wake of these challenges, FBR had strived hard to improve domestic tax collection through various policy and...