In a first, FBR raises over Rs7 trillion revenue

Lauding the Federal Board of Revenue (FBR), Finance Minister Ishaq Dar has announced that the tax collection body has raised Rs7 trillion by June 26, making it the first time in the history of Pakistan.

Taking to his official Twitter handle, he said that the revenue collection will further increase till the 30th of this month.

It is pertinent to mention here that the tax collection target set for the fiscal year 2022-23 — ending on June 30 — was Rs7.64 trillion.

According to a report published in The News earlier this month, the FBR is likely to miss the tax collection target of Rs7.64 trillion set for the outgoing fiscal year 2022-23 as it could only collect Rs572 billion in taxes in May — which leaves the revenue board with a gigantic task to fetch Rs1,446 billion in the last month (June).

Keeping in view the performance of the FBR in April and May, the revised tax collection target of Rs7.64 trillion seems impossible to materialise for the ongoing financial year ending on June 30, it added.