Prime Minister Imran Khan on Wednesday said that he is optimistic that the Federal Board of Revenue (FBR) will “comfortably achieve” the annual tax collection target of Rs5.82 trillion following the authority’s collection of Rs850 billion during the first two months of the current fiscal year (2MFY22).
The FBR exceeded the assigned two-month target of Rs690 billion by over 23 per cent.
Taking to Twitter in this regard, the premier said this reflects the growth of 51pc in revenue over the same period last year. “At the present rate, annual collection target of Rs5,829bn will be comfortably achieved InshaAllah,” said the prime minister.
Good news on tax collection. FBR collected Rs.850 bn during July & August 2021, exceeding its own target figure by 23% & reflecting growth of 51% in revenue over same period last yr. At present rate, annual collection target of Rs.5,829 bn will be comfortably achieved InshaAllah.
— Imran Khan (@ImranKhanPTI) September 1, 2021
In a media briefing on Tuesday, FBR Chairman Dr Mohammad Ashfaq Ahmed had informed that FBR collected Rs434bn in August, which is Rs85bn more than the target of Rs349bn.
He said that FBR released Rs364bn refunds besides getting Rs4,721bn revenue in FY21.
“FBR has also created Rs2,600bn demands against the big business through audits,” Ashfaq added.
“Our and the International Monetary Fund’s (IMF) destination is the same. The IMF had instructed to impose new taxes and abolish exemptions whereas we have not imposed new taxes and will achieve the tax target to run the economy,” he said.
He mentioned that they are in close coordination with the World Bank on the implementation of reforms.
About reforms in FBR, he said that Pakistan has established 16 reform commissions; however, there is a dire need for restructuring instead of reforms. “We want to do better for the country and will improve the tax system”.
