Prime Minister Imran Praises FBR for Achieving Historic Level of Tax Collection

Prime Minister Imran Khan highly praised the Federal Board of Revenue (FBR) after they achieved a “historic level of tax revenue of Rs4,732 billion in the fiscal year 2020-21.”

On Twitter, Prime Minister Imran said that the FBR tax collection in the previous fiscal year was more than the revised target of Rs4,691 billion and was 18pc more than the previous year.

I commend efforts of FBR in achieving historic level of tax revenues of Rs.4732 bn in 2020-21 – exceeding target of Rs 4691 bn &18% higher than last year. This performance is testimony to the strong economic revival spurred by our government's policies.

— Imran Khan (@ImranKhanPTI) July 2, 2021

“This performance is testimony to the strong economic revival spurred by our government’s policies,” he said.

On Thursday, the FBR released the provisional revenue collection data for the fiscal year 2020-21. According to it, the revenue collected was Rs4,732 billion during 2020-21. It exceeded the target of Rs4,691 billion by Rs41 billion.

This shows an increase of roughly 18% above the Rs3,997 billion collected during the same time the previous year.

The net collection for the month of June was Rs568 billion representing an increase of 26% over Rs451 billion collected in June 2020. “The year-on-year growth of 18% is unprecedented particularly as it is realized on the heel of 26% growth in June. These figures would further improve before the close of the day and after book adjustments have been taken into account,” the FBR said.

FBR opens IRIS Portal

FBR on Thursday opened its IRIS portal for filing annual returns of income for the tax year 2021, giving taxpayers three months for compliance.

The FBR’s portal is opened for returns filing by salaried persons, business individuals, the association of persons (AOPs), and corporate entities having a special financial year. The last date for filing income tax returns for the tax year 2021 is September 30, 2021.

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