Islamabad: The Federal Board of Revenue (FBR) on Tuesday (March 1) announced that it has surpassed the set collection target for the first eight months of the fiscal year (FY) 2021-22 by PKR 268 billion, news sources reported. The authority has collected total revenue of PKR 3.79 billion against the set target of PKR 3.53 billion.
As a result, according to sources, the government has raised the tax collection target for the current fiscal year from PKR 5.829 trillion to PKR 6.1 trillion. Following the collection of tax revenue, the government has indicated that benefits would be transferred to the people through subsidies and relief on essentials.
The board collected PKR 2 billion more in tax in February than it did in January and 29% more when compared with the revenues collected in February last year. According to the statistics presented, the FBR received revenue from the following sources:
Income tax collection during 8MFY22 increased 1.53% from PKR 1.30 trillion to PKR 1.32 trillion
Sales tax revenue collection increased 35% from PKR 1.23 trillion to PKR 1.66 trillion
The Federal Excise Duty (FED) missed the target for July to February FY22 by PKR 8 billion and collected PKR 197 billion against PKR 173 billion last year.
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