Islamabad: The Federal Board of Revenue (FBR) has exceeded its tax collection target for six months (from July to December) for the current fiscal year 2021-22, according to a news story published on Friday (December 31).
According to the details shared, the board has collected net revenue of PKR 2.920 trillion during a six-month period, which is PKR 287 billion more than the set target of PKR 2.633 trillion. It shows 32.5% growth over the collection of PKR 2.204 trillion during the same period of the previous year.
Moreover, the FBR stated that the net collection for December 2021 was PKR 600 billion in comparison to PKR 509 billion accumulated in December 2020. This shows an increase of 18%. As far as gross collections are concerned, there was an increase of 32.5%. The gross collections were PKR 3.068 trillion for six months in the current fiscal year, while in 2020 the collections were PKR 2.315 trillion.
Similarly, the amount of refunds disbursed was PKR 148 billion in the current year while PKR 111 billion was paid last year, which shows an increase of 33%. Reportedly, this was the sixth consecutive month for which the tax collection has exceeded its projections.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
