ISLAMABAD: The Federal Board of Revenue (FBR) has exceeded the assigned tax collection target of Rs397 billion set for the month of October 2021 by a big margin with 29 percent growth in revenue collection against last year.

So far, the FBR has provisionally collected Rs428 billion during October 2021 against the assigned target of Rs397 billion, reflecting an increase of Rs31 billion.

Sources told Business Recorder here on Friday that the provisional revenue collection of the FBR reached Rs428 billion during the first 29 days of October against Rs331 billion collected during last October 2020, showing a growth of 29 percent.

The revenue collection would further increase on compilation of final figures by end October 2021.

These figures would further improve before the close of the day and after book adjustments have been taken into account.

According to the FBR’s data compiled on Friday, the FBR has collected net revenue of Rs1,829 billion during July-October (2021-22) against the assigned target of Rs1,608 billion, showing a growth of 14 percent.

The target of Rs1,608 billion has been amassed before the end of current month.

The FBR’s provisional tax collection amounted to Rs1,829 billion (net) during the first four months of current fiscal year against Rs1,342 billion collected in the corresponding period of 2020-21, showing a handsome growth of 36 percent.

Copyright Business Recorder, 2021