FBR Set to Meet Rs. 6.1 Trillion Tax Collection Target for FY22

The Federal Board of Revenue (FBR) has intensified enforcement efforts for recovery from the business community in June 2022 and is set to meet the enhanced revenue collection target of Rs 6.1 trillion by the end of the current fiscal year (FY22).

Highly placed officials told ProPakistani that the FBR has been able to meet the original tax collection target of Rs. 5,829 billion for the fiscal year 2021-22. Till now, the FBR has collected taxes of Rs. 5,882 billion during July-June FY22 against the revised target of Rs. 6,100 billion for FY22.

Against the monthly target of Rs. 732 billion for June 2022, the FBR has collected Rs. 529 billion. Now, the FBR needs to collect Rs. 203 billion in the remaining period of June 2022.

The FBR had provisionally collected net revenue of Rs. 5,349 billion during July-May FY22 against the assigned target of Rs 5,130 billion, reflecting an increase of Rs. 219 billion.

The provisional figures reported will further improve after closure of payment receipts and reconciliation with the State Bank of Pakistan. This represents a growth of about 28.4 percent over the collection of Rs. 4,164 billion during the same period, last year.