The Federal Board of Revenue (FBR) surpasses the revenue target set for the eight months in the current fiscal year (8MFY22). FBR collected Rs 3.79 trillion against the target which was set at Rs 3.53 trillion. The tax collection in the current fiscal year has been exceptional so far and has been surpassing all the targets as the previous month’s target was also exceeded by large. PM praised FBR on his official Twitter handle and congratulated them on the numbers achieved.
The Federal Board of Revenue released the provisional revenue collected figures for the first eight months of the current fiscal year. According to the provisional information, the FBR has collected net revenue of Rs 3.79 trillion during the July-February period, which has exceeded the target of Rs 3.53 trillion by Rs 268 billion. There has been a 31 percent growth of tax collection during the first eight months of the current fiscal year if compared with the amount of tax collected during the same period, last year.
While preparing the budget for the current fiscal year, the government of Pakistan assured the International Monetary Fund (IMF) of raising Rs 4.963 trillion as against Rs 3.989 trillion collected in Fiscal Year 20 a project which will see an increase of 24.4 percent.
FBR chairman, Javed Ghani, while talking to the media told that the revenue performance is a reflection of the growing economic activities of the country. He added that the country is also facing the challenge of the current Covid-19 wave; he also stated “We are doing well despite giving more than 90 percent refunds when compared with the same period last year.” The FBR refunded Rs 152 billion during the 8 months of Fiscal Year 21 compared to Rs 79 billion paid last year, which saw an increase of 92 percent.
The revenue target for the current Fiscal Year 2021-22 is set at Rs 5.8 trillion, which now seems achievable for FBR as they had been exceeding all the monthly targets set for this Fiscal Year.