Islamabad: Pakistan’s Prime Minister (PM) Imran Khan praised the Federal Board of Revenue (FBR) on Saturday (July 31) for collecting record-high tax revenue in the month of July, according to news reports. According to reports, the FBR collected PKR 413 billion in tax against a target of PKR 342 billion, a 21 percent rise above the July 2021 target. The board earned PKR 303 billion in the same month of the previous fiscal year (FY) 2020-21.

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Furthermore, sales tax revenue increased by 45 percent to PKR 209 billion, up from PKR 144 billion the previous year. Simultaneously, sales tax refunds totaled PKR 20 billion in July 2021, up from PKR 16 billion the previous year, a 28 percent rise. The sales tax is returned to exporters within 72 hours for the first time in FBR history, thanks to the deployment of a centralized and automated system known as ‘FASTER.’

Similarly, revenue from income taxes climbed by 27%, from PKR 107 billion to PKR 135 billion. The FBR, on the other hand, has maintained that income collection for the current month of July will increase once the book closes at the end of the day. The Federal Excise Duty reached its objective of PKR 22 billion, up from PKR 18 billion in the same month the previous year. In July, customs collection totaled PKR 68 billion, compared to a target of PKR 59 billion.

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The federal government has set a tax collection target of PKR 5.829 trillion for the fiscal year 2021-22, according to the report. In the preceding fiscal year, the federal government collected PKR 4.72 trillion in taxes.

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