FBR exceeds July target by Rs68bn

ISLAMABAD: The Federal Board of Revenue (FBR) has exceeded July’s tax collection target by a wide margin of Rs68 billion.

The FBR collected over Rs410 billion during the first month of fiscal year 2021-22 as against the monthly target of Rs341.7 billion, according to statistics compiled by the revenue board on Friday. The monthly collection was equal to 7 per cent of the annual target.

The Rs410 billion provisional collection was higher by 36.5pc or Rs109 billion over the revenue generated during the same month of last fiscal year (FY21).

Sources said that FBR paid Rs20 refunds during the first month of the current fiscal year (1MFY22).

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The FBR did not take any advance tax in the fourth quarter of the last fiscal year (Q4FY21) due to which it surpassed the revenue target of July. Besides, the government has also increased sales tax on imports due to which it collected around Rs15 billion more tax on imports compared to the first month of last fiscal year.

Sources said that FBR high ups have informed Finance Minister Shaukat Tarin that it can achieve the collection target of the current fiscal year by focusing on Point of sales (POS).

The finance minister has said that the FBR can deliver the target without taking additional revenue measures.

It is pertinent to note that the government has set a Rs5,829 billion revenue target for the current fiscal year whereas FBR is regularly sending notices to retailers who do not integrate their machines with the FBR system, sources further added that tax employees are visiting the outlets on a daily basis to check the systems of retailers.

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