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FBR Tax Revenue Targets Surpassed in First 5 Months of FY-22

Islamabad: According to news sources, the Federal Board of Revenue (FBR) said on Tuesday that taxes of PKR 2.313 trillion have been collected in the first five months of the current fiscal year (FY-22). The amount collected is PKR 297 billion more than the objective of PKR 2.016 trillion.

According to data provided by FBR, the revenue obtained is 36.6% higher than the amount collected the previous year. The FBR collected PKR 470 billion in November, 35% more than the same month in 2020 and 62 billion more than the predetermined objective of PKR 408 billion. Shaukat Tarin, an advisor on finance and revenue, claimed in a news release that the federal government increased its tax aims from PKR 5.829 trillion to PKR 6.1 trillion with the support of a staff-level meeting with the International Monetary Fund (IMF) in November.

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The publicly available data also reveals higher income tax collections of PKR 761 billion over the predetermined target of PKR 705 billion and higher customs collections of PKR 383 billion over the predetermined target of PKR 325 billion.

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