Islamabad: The Prime Minister (PM) of Pakistan Imran Khan on Saturday (July 31) lauded the Federal Board of Revenue (FBR) on the collection of record-high tax revenue in the month of July, news sources reported. Reportedly, FBR collected PKR 413 billion in tax against a target of PKR 342 billion, representing a 21% increase above the objective set for July 2021. During the same month in the last fiscal year (FY) 2020-21, the board collected PKR 303 billion.
Furthermore, sales tax collection reached PKR 209 billion, up from PKR 144 billion collected in the previous year, representing a 45 % increase. Simultaneously, the sales tax refund disbursed in July 2021 reached PKR 20 billion, up from PKR 16 billion of the previous year, representing a 28% increase. For the first time in FBR history, the sales tax is refunded to exporters within 72 hours through the use of a centralised and automated system known as ‘FASTER.’
Similarly, income tax collection increased by 27%, from PKR 107 billion to PKR 135 billion. However, the FBR has stated that income collection for the current month of July will grow further with the closing of the book at the end of the day.The Federal Excise Duty met its target of PKR 22 billion, a sharp increase from the PKR 18 billion in the same month last year. Customs collection in July totalled at PKR 68 billion, against a target of PKR 59 billion.
It was highlighted that the federal government has set a tax collection target of PKR 5.829 trillion for the fiscal year 2021-22. The federal government collected PKR 4.72 trillion in taxes in the previous 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.
