FBR close to beating Rs6.1tr target for FY22

• FBR generates Rs6tr in taxes from July 1 to June 28 of FY22.
• Achieving almost 98.3% of the target.
• PTI claims this is first time in 20 years that FBR has surpassed its target.

ISLAMABAD: Since the beginning of the current fiscal year 2021–22, the Federal Board of Revenue (FBR) has collected Rs6 trillion in taxes, representing a rise of 29%.

The FBR collected Rs6 trillion in taxes from July 1 to June 28 of the current fiscal year (2021–22), which represents a nearly 29% increase over the amount collected during the same time of the prior fiscal year, according to preliminary data.

When revenue collection from book adjustments and other sources is settled over the course of the following two days, a few additional billions will be added.
The government has increased the income collection target for the FBR from an earlier prediction of Rs5.829 trillion to Rs6.1 trillion for 2021–2022. The FBR has thus far met its goal for the current fiscal year by 98.3 percent.

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In terms of federal taxes, the income tax collection increased by 31% to Rs 2,205.3 billion in the last fiscal year, followed by Rs 2,773.3 billion in sales tax. However, Rs319.6 billion in federal excise duty was collected.

initially in 20 years
Former finance minister Shaukat Tarin said on Twitter that this was made possible by the PTI and former prime minister Imran Khan’s strong economic development and progressive tax policies.

Well done FBR. This was possible due to the strong economic growth and progressive tax policies of PMIK lead PTI. Bravo FBR, Bravo PTI. Now let’s not go back to regressive tax policies of taxing the already taxed and overtaxing the productive sectors of the economy https://t.co/x25tZLSZI2

— Shaukat Tarin (@shaukat_tarin) June 28, 2022

“Well done, FBR and PTI. Let’s avoid returning to regressive tax policies that overtax the productive parts of the economy and tax the already taxed.

A spokeswoman for PTI on economy and finance noted that this is the first time in 20 years that FBR has not only surpassed its objective but also increased GDP taxation by 2%.

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