Islamabad: The Federal Board of Revenue (FBR) on Tuesday (June 28) announced the collection of PKR 6,000 billion in taxes during the outgoing fiscal year of 2021-22 (FY22), news sources reported. The tax collection is the highest in the country’s history.
As per the FBR, it has surpassed its fiscal year target of PKR 5,829 billion with two days remaining before the June 30 deadline for tax collection. According to the tax breakdown, the administration collected PKR 2,205 billion in income tax, PKR 2,773 billion in sales tax, and PKR 1,007 billion in customs duties in the current fiscal year. During the same time period, the tax-collecting agency issued a refund of PKR 305 billion.
It is worth mentioning here that the government has set PKR 72,500 billion tax-collection targets for the fiscal year 2022-23. (FY23). Taxes will be 19% higher than the revised tax objectives of PKR 61,000 billion established for the current fiscal year.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
