The FBR has surpassed its annual tax collection target and fetched around Rs6,125 billion for the outgoing fiscal year 2021-22 ending on June 30, 2022
ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed its annual tax collection target and fetched around Rs6,125 billion for the outgoing fiscal year 2021-22 ending on June 30, 2022.
The FBR made more than 52 percent collection through the import stage while GST collection on the domestic stage witnessed a decrease. Federal Minister for Finance Miftah Ismail tweeted, “As per PM Shehbaz Sharif’s instructions, a few days ago we paid all processed DLTL claims pending for the last three years. Today FBR paid all processed faster, sales tax, income tax and export rebate claims that were due. Every single processed claim. Alhamdolillah”.
The FBR has surpassed its annual tax collection target mainly because of increased imports, massive devaluation of exchange rate. The FBR’s tax collection had been revised upward from Rs5.928 trillion to Rs6.125 trillion under the IMF conditions on the eve of completion of the 6th Review under the $6 billion Extended Fund Facility (EFF) when the government failed to fetch petroleum levy in the first half of the outgoing fiscal year. Then the target of petroleum levy was revised downward from Rs610 billion and the FBR’s target was jacked up to Rs6.1 trillion.