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FBR Collects RS. 434 billion Revenue in First Two Months

During the first two months of the current fiscal year, the Federal Board of Income (FBR) collected 434 billion rupees in revenue.

Read: FBR Surpasses Revenue Collection Target by RS 50 billion in August

In a media briefing, FBR Chairman Dr. Mohammad Ashfaq Ahmed stated that FBR collected Rs 434bn in August, which is Rs 85bn more than the target of Rs 349bn.

In two months, the tax agency collected Rs 850 billion as opposed to the target of Rs 690 billion, a difference of Rs 160 billion.

In addition to collecting Rs 4,722 billion in revenue in 2021, FBR issued Rs 364 billion in reimbursements, according to the FBR chairman.

The Chairman stated, “The International Monetary Fund (IMF) and our final destination are identical. The IMF had mandated the imposition of additional taxes and the abolition of exemptions, however we have not imposed new taxes and will meet the tax objective necessary to run the economy”, he continued.

Read: Team to Monitor Uplift Projects, Says Commissioner

Regarding FBR reforms, he stated that Pakistan has established 16 reform commissions and that restructuring is much more urgent than reforms. “We intend to change the tax system because we want to do better for the country,” he continued.

He finished the discussion by denying any connection between the termination of Pakistan Revenue Automation Private Limited’s (PRAL) chief executive officer and the data hacking scam.

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