ISLAMABAD: The Federal Board of Revenue (FBR) has achieved the budgeted target of Rs5,829 billion set for the whole fiscal year (2021-22) and is expected to amass an upward revised target of Rs6,100 billion by end June 2022.
According to the provisional data compiled by the FBR on Wednesday, the FBR has collected net Rs5,882 billion during July-June 22 (2021-22) against the revised target of Rs6,100 billion for the outgoing fiscal year.
However, the budgetary target of Rs5,829 billion set for 2021-22 has been met on Wednesday.
The FBR has provisionally collected net Rs5,882 billion during 2021-22 against the budgetary target of Rs5,829 billion, reflecting an increase of Rs53 billion.
Sources said that “we are near the upward revised target of Rs6,100 billion, which would be achieved by the end of the current fiscal year.”
The target for the month of June 2022 has been fixed at Rs732 billion which is expected to be achieved by the tax machinery. So far, the June 2022 provisional collection stood at net Rs529 billion. In June 2021, the tax machinery had collected Rs571 billion. The FBR is required to collect Rs203 billion in the remaining eight days of June, the sources said.
Revenue collection target may be raised to Rs7.42trn
The FBR has paid refunds and rebates of Rs305 billion during July-June 22 (2021-22) against Rs241 billion paid during the whole previous fiscal year of 2020-21, reflecting an increase of Rs64 billion.
The tax machinery had provisionally collected net revenue of Rs5,349 billion during July 2021-May 2022 against the assigned target of Rs5,130 billion, reflecting an increase of Rs219 billion.
According to the provisional information, the FBR had collected net revenue of Rs5,349 billion during July 2021-May 2022 of the current financial year 2021-22. The provisional figures reported will further improve after the closure of payment receipts and reconciliation with the State Bank of Pakistan. This represents a growth of about 28.4 per cent over the collection of Rs4,164 billion during the same period, last year.
Copyright Business Recorder, 2022
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