Islamabad: The Federal Board of Revenue (FBR) on Saturday claimed collection of highest tax revenue in the first 11 months of the fiscal year 20-21 ever to be collected in any fiscal year, reported the new sources. The data shows the current tax amount stands at PKR 4.135 trillion as opposed to the corresponding period of last year, which stood at PKR 3.536 trillion.
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After the release of the data, the prime minister lauded the FBR officials for their historic achievement. He also added that the higher tax collection is a show of the people’s confidence in government fiscal policies and economic revival plans.
The official data released so far shows the following achievements:
● A tax refund of PKR 216 billion was doled out to the exporters and businesses, solving their liquidity problems
● A 10.22% increase in income tax collection made a total of PKR 1.477 trillion in total.
● Sales Tax collection increased by 28.26% reaching PKR 1.956 trillion in total
● Federal Excise Duty (FDE) increased by 11.55% to PKR 251 billion from PKR 225 billion from last year
● Customs collection increased by 18.6% standing at PKR 676 billion
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Officials claimed a higher tax collection as an indicator of increasing imports and industrial activity revival even during the pandemic-induced lockdowns.
Previously, the International Monetary Fund (IMF) had set the tax collection targets at PKR 4.96 trillion which was subsequently lowered to PKR 4.69 trillion after successful policy-focused parlays between the government and IMF.
For the next fiscal year, the targets are set to be at PKR 5.963 trillion, which the finance minister Shaukat Tareen assured will be lowered to achievable levels.