Pakistan’s top tax authority has claimed to have collected Rs 41.43 trillion in the first 11 months of the current financial year, reflecting the resumption of economic activity in the country, compared to Rs 35.30 trillion in the same period last year.
According to the report, in the last two days of this month (May 30, 31) an additional revenue of Rs 15-20 billion will come into the exchequer of the government which will further improve the revenue collection in the period from July to May of the current financial year.
When the figures were shared with the Prime Minister, he took to Twitter to praise the performance of the Federal Board of Revenue (FBR) and wrote, “I commend efforts of FBR in crossing historic milestone of Rs 4,000 bn in any yr for the first time ever. During Jul-May our collections reached Rs.4143 bn & still counting – 18% higher than the same period last yr. This reflects broad-based economic revival spurred by govt policies.”
I commend efforts of FBR in crossing historic milestone of Rs 4,000 bn in any yr for first time ever. During Jul-May our collections reached Rs.4143 bn & still counting – 18% higher than same period last yr. This reflects broad-based economic revival spurred by govt policies.
— Imran Khan (@ImranKhanPTI) May 29, 2021
In the first 11 months of this year, a revenue fund of Rs. 216 billion was distributed, which is 74% more than last year’s Rs. 124 billion.
Dr Waqar Masood Khan, Special Assistant to the Prime Minister for Revenue and Finance said that crossing the Rs 40 trillion mark was a psychological hurdle for the FBR as revenue collection has been around Rs 38 trillion for the last three years.
He said that the increase in revenue collection would be even better by May 31 and significant revenue is expected in the next two days as people in Pakistan usually pay taxes in the last few days.
The Special Assistant said that these figures improved despite the impact on revenue collection during the Eid holidays. After Eid, production picked up speed, which led to higher revenue collection. He also hinted at achieving the revenue target for the current financial year.