Islamabad: According to news reports, the Federal Revenue Board (FBR) surpassed its tax collection target by PKR 30 billion, collecting PKR 4.721 trillion against a revised target of PKR 4.691 trillion. The initial tax target for the fiscal year 2020-21 was PKR 4.96 trillion, but it was amended and cut because of pandemic-related lockdown and economic downturn.
After more money is cleaned and adjusted with the previous year’s targets, the exceeded tax targets would rise even more.
The supreme tax authority has been given the responsibility of collecting PKR 5.829 trillion in the fiscal year 2021-22, which is significantly higher than the previous year’s revised target. The total amount of tax collected is 18 percent greater than in the fiscal year 2019-20.
Furthermore, according to FBR data, tax collection targets in the income tax and Federal Excise Duty (FED) regimes were missed by PKR 137 billion and PKR 25 billion, respectively. However, due to greater double-digit inflation and skyrocketing gasoline prices, the principal revenue has been recovered through indirect sales tax, which now stands at PKR 317 billion.