Prime Minister Imran Khan commended the people on the Federal Board of Revenue (FBR) exceeding the collection target established for the first quarter of the current fiscal year.
Prime Minister Imran Khan tweeted on Twitter and said, “I congratulate the nation on FBR’s achievement of collecting Rs.1,395 billion in Q1 of FA 2021-22 against the target of Rs.1,211 billion.”
Furthermore, he also added that “This represents a growth of 38% in revenues over the same period last year.”
Read also: FBR exceeds tax collection target by Rs 160 billion
The collected amount exceeds the target by Rs184 billion
According to a report, the FBR received Rs1,395 billion in the first quarter (July-September) of the current fiscal year, exceeding the target of Rs1,211 billion by Rs184 billion.
The net collection for September 2021 was Rs535 billion which records a 31.2 % increase over the Rs408 billion received in September 2020. These stats will improve even more before the end of the day and once book changes are made.
Gross receipts, on the other hand, surged by 37.3 percent from Rs1,059 billion in July-September 2020 to Rs1,454 billion in the current financial year.
During July-September 2021, refunds totaled Rs59 billion, up from Rs49 billion the previous year, representing a 20.2 percent raise.
The FBR has successfully maintained the momentum set in July 2021 after collecting over Rs4.7 trillion and exceeding its designated revenue projections for the tax year 2020-21. Its tax revenue grew at an all-time high in the first quarter of this fiscal year. The FBR surpassed its revenue target by Rs186 billion in the first quarter.
Despite enormous obstacles, pressing restrictions created by the corona pandemic, and periodic tax cuts declared by the government as relief and price stabilization measures, the FBR is on track to meet its set target of Rs5,829 billion for the year.
