PM greets FBR for 35pc growth in tax collection

ISLAMABAD: Prime Minister Imran Khan has congratulated the Federal Board of Revenue (FBR) for achieving an increase of 35 percent in revenue collection during November 2021 as compared to the same month of the last year.
The prime minister tweeted on Wednesday, “Congratulations to the FBR team for achieving a 35% increase in revenues in November over last year.”
Sharing a graph of FBR collection in his tweet on Wednesday, the prime minister said that tax collection increased by 37 percent during the last five months as compared to the same period of the last year.
Meanwhile, Minister of State for Information and Broadcasting Farrukh Habib said on Wednesday that tax collection in November 2021 stood at Rs470 billion and witnessed an increase of 35 percent as compared to the previous year. In his tweet, he said this meant that despite coronavirus economic activity in Pakistan is booming and businesses flourishing.
The FBR on Tuesday said it had registered a “historic growth” in revenue collection of 36.5 percent from July-November of the fiscal year 2021-22. “It has collected net revenues of Rs2,314 billion during the first five months of the current FY against [the] set target of Rs2,016 billion, exceeding by Rs298 billion,” an official tweet of the FBR said.
The FBR exceeded the five-month tax collection target by Rs298 billion and received around Rs2.3 trillion, largely because of higher collection at import stage, which contributed more than half of total tax receipts. The FBR remains the main beneficiary of increased imports and the nosediving rupee that significantly contributed to the collection of indirect taxes. – TLTP