Pakistan’s tax collection sharply grows 48% in July
KARACHI: The Federal Board of Revenue (FBR) has posted a sharp growth of 48 per cent in tax collection during July 2021, amid coronavirus pandemic.
The FBR received Rs410 billion during the month, which is a record high collection in the month, compared with any past year. The revenue board collected Rs277.33 billion during the same month of the last year, according to provisional figures. The FBR also surpassed the revenue collection target of Rs342 billion set for July 2021.
The increase in revenue collection may be attributed to the recent budgetary measures taken in the Budget 2021/22. These measures have been implemented from July 1, 2021.
I commend efforts of FBR in achieving record revenue collection in July. As of now collection is Rs.410 bn which is highest ever in month of July – & around 22% above required target for the month. This is a reflection of govt's policies for sustained economic growth & revival.
— Imran Khan (@ImranKhanPTI) July 31, 2021
The provisional collection showed all the heads have recorded a significant growth. The collection of sales tax posted an unprecedented growth of 54.47 per cent to Rs190 billion in July 2021, compared with Rs123 billion in the corresponding month of the last year.
The collection of income tax surged 40.60 per cent to Rs135 billion in July 2021, compared with Rs96 billion in the same month of the last year.
The collection of federal excise duty recorded a growth of 102 per cent to Rs22 billion as against the collection of Rs10.87 billion.
Similarly, the collection of Customs duty stood at Rs63 billion in July 2021, compared with Rs47.37 billion in the same month of the last year, showing an increase of 33 per cent.
Meanwhile, in a tweet, Prime Minister Imran Khan commended the performance of the FBR, saying: “I commend the efforts of [the] FBR in achieving record revenue collection in July. As of now, the collection is Rs410 billion, which is highest-ever in the month of July and around 22 per cent above [the] required target for the month,” the prime minister said.
The revenue collection performance is a reflection of the government’s policies for sustained economic growth and revival.
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