FBR Needs RS 790 Billion to Achieve Target
Islamabad: The Federal Board of Revenue (FBR) must raise an unprecedented Rs 790 billion in taxes in the final month of the current fiscal year to meet the yearly target after collecting Rs 4.17 trillion in taxes to date.
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On a low basis in the final quarter of the previous fiscal year, the FBR’s tax collection climbed at a rate of 17.4% from July through May of the current fiscal year.
Official figures, however, revealed that some important indicators, such as the proportion of direct taxes in total taxes and the effective tax rate relative to import value, have gotten worse.
To reach the yearly target that served as the foundation for determining the other budgetary targets and the proportion of provinces in the National Finance Commission, the FBR must now raise Rs 790 billion in June at a growth rate of 71%.
Read More: Revenue Collection to Rise Up to RS 5.8 Trillion in FY22: Tarin
Due to restrictions put in place to stop the spread of Covid-19, the economy was at a standstill from April to June of the previous fiscal year. Due to the negative 16% growth this produced in the previous fiscal year, the FBR is now able to grow by double digits this fiscal year.
The two distinguishing characteristics of the FBR’s revenue performance in the first 11 months of the current fiscal year have remained an increase in import-stage collection and a rising reliance on indirect taxes.
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