Thu. Aug 5th, 2021

Tax Revenue Increased by 17 % and Domestic Collection by 27 %

Islamabad: (Staff Reporter) In respose to the news items published in some sections of press about tax revenue, Federal Board of Revenue has clarified that it has collected a record Rs.2407 Billion in first seven months showing an increase of 17% over last year’s collection of Rs.2062 Billion. This increase has been registered despite a US $5 billion compression in imports. Last year FBR collected income tax, sales tax and customs duty at import stage amounting to Rs.1005 Billion which has only grown by 6% to Rs 1066 billion consequent to the tremendous negative impact on customs duty and income tax collected at import stage.

On the other hand domestic collection has increased from Rs.1066 billion last years’ to Rs.1341 billion this year showing unprecedented increase of 27%. It is evident that the aforementioned tremendous growth has been made possible by untiring efforts of FBR despite economic slowdown and without adopting any coercive measure. It is hoped that with upcoming economic turnover coupled with efforts of FBR will reach very close to its assigned targets.