FBR surpasses monthly tax collection target

ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed its monthly tax collection target by a huge margin as net collection stands at Rs410 billion in July 2021 against the fixed target of Rs342 billion. The FBR has achieved 120 percent collection against the desired target of Rs342 billion for July 2021.

The FBR collected Rs410 billion in July 2021 against collection of Rs301 billion in the same month of the last fiscal year, registering an impressive growth by 36 percent.

The FBR has envisaged tax collection target of Rs5,829 billion for the current fiscal year and so far, the tax machinery kick-started its performance by achieving 122 percent collection against its desired target of Rs342 billion for July 2021.

The FBR had collected Rs382 billion till July 29, 2021 against collection of Rs301 billion in the same month of the previous fiscal year. As of July 30, 2021, the monthly collection has gone up to Rs410.1 billion.

The FBR’s gross collection in July 2021 stood at Rs430 billion and after repayment of refunds to the tune of Rs19.9 billion, the net provisional collection for July 2021 stood at Rs 410.1 billion. The FBR has collected Rs134 billion as income tax in July 2021 against collection of Rs106 billion in the same month of last fiscal year, registering a growth by 27 percent. The FBR has collected Rs207 billion as Sales Tax in July 2021 against collection of Rs144 billion, registering a growth by 44 percent. The FBR collected Rs22 billion in July 2021 against collection of Rs18 billion in the same month of 2020, so it registered a growth by 18 percent, The customs duty collection fetched Rs59 billion in July 2021 against collection of Rs46 billion in the same period of last year 2020, so it registered a growth by 36 percent.

A well-known tax expert, when contacted, said that the increasing imports had resulted in collection of Rs210 billion at the import stage.