FBR Achieves Tax Collection Target For July FY21-22

Industry

The Federal Board of Revenue (FBR) has met the revenue collection target of July as it collected Rs. 410 billion against the target of Rs. 342 billion.

Sources told ProPakistani that the tax department has collected Rs. 135 billion Income Tax, Rs. 190 billion sales tax, Rs. 22 billion Federal Excise Duty and Rs. 63 billion Customs duties till Friday.

The tax department has surpassed its revenue collection target by Rs. 68 billion in July 2021-22, owing to a number of factors such as discouraging the policy of advance taxes, increasing the import bill, sources added.

Sources further said that FBR has also paid Rs. 20 billion refunds during the first month of the current fiscal year

It is pertinent to note that the government has set an Rs. 5,829 billion revenue target for the current fiscal year 2021-22.

The Finance Minister is hopeful that FBR can achieve the collection target of the current fiscal year by focusing on Point of sales (POS).

Sources said that the FBR is regularly sending notices to retailers who do not integrate their machines with the FBR system, besides imposing heavy fines.

 

Source: Pro Pakistani

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