FBR meets tax collection target successfully.

ISLAMABAD -- In a major development, the Federal Board of Revenue (FBR) has achieved the tax collection target of first eight months (July to February) of the current fiscal year.

The FBR on Friday claimed to achieve Rs2900 billion in July to February period of the year 2020-21 as against the target of Rs2898 billion. The FBR has achieved the target two days before the completion of the month. The FBR said that tax collection is till February 26, which might further increase when the final figures of tax collection come.

The government had set annual tax collection target at Rs4963 billion for the ongoing financial year. So far, the government is on track in achieving the tax collection after meeting eight months target.

Earlier, the FBR has provisionally collected Rs 2572 billion during Jul-Jan, FY2021 against Rs2426 billion in the same period last year, posting a growth of 6.0 percent. The net collection has exceeded the target by Rs 22 billion. Domestic tax collection increased by 6.2 percent to Rs2173 billion in the first seven months of FY2021 against Rs...