Islamabad: The Federal Revenue Board (FBR) has exceeded the tax collection target by PKR 30 billion by bagging PKR 4.721 trillion against the revised set target of PKR 4.691 trillion, news sources reported. The original tax target for the fiscal year 2020-21 was PKR 4.96 trillion which was revised and set lowered mainly on account of pandemic induced lockdown and economic slowdown.
Read:Extension in amnesty scheme for construction sector unlikely: FBR The exceeded tax targets will further increase after more money is cleaned and adjusted with the targets of the previous year. The apex tax body is now tasked to collect PKR 5.829 trillion in the fiscal year 2021-22 much higher than the revised target of the previous year. The tax collection is cumulatively 18% higher than the fiscal year 2019-20.
Read:FBR tax collection at historic high, crosses PKR 4 trillion Moreover, the FBR data shows missed targets of tax collection in income tax and Federal Excise Duty (FED) regime by PKR 137 billion and PKR 25 billion respectively. However, the major tax has been recovered through indirect sales tax that now stands at PKR 317 billion owing to the higher double-digit inflation and soaring petroleum prices.
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.
