FBR Exceeds Tax Collection Target
Islamabad: The Federal Board of Revenue (FBR) has collected close to Rs 3.4 trillion in taxes in the first nine months, exceeding its revised target thanks to stronger indirect tax collection, which made up more than 63% of the total revenues received by the tax system.
According to data given by the tax system, the FBR was able to surpass its collection goals for sales taxes and customs charges but fell short of its goals for federal excise taxes and income taxes.
In comparison to the same period in the previous fiscal year, the FBR’s tax collection increased by 10% overall, or Rs 317 billion, to Rs 3.994 trillion in nine months.
Read More: FBR Names 988 Projects for Tax Amnesty
A total of Rs 1.53 trillion of the almost Rs 3.4 trillion that the FBR earned between July and March of the current fiscal year came from income tax, sales tax, and customs duty income at the import stage.
The FBR reported that it also paid Rs 177 billion in tax refunds, up from Rs 102 billion paid the previous year. This shows a commitment to expediting refunds to avoid liquidity constraints in the industry, the FBR stated.
According to the FBR, throughout April to June 2021, it is anticipated that this revenue performance will be significantly better than it was in 2020, when Covid caused economic activity to be disrupted.
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