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PM lauds FBR for collecting a record over Rs410 billion revenue last month

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ISLAMABAD: Prime Minister Imran Khan has commended the efforts of the Federal Board of Revenue (FBR) in achieving a record revenue collection in the month of July.
In a tweet on Saturday, the prime minister said this record collection of the revenue worth Rs410 billion is the highest ever in the month of July and 22 percent higher than the target fixed for the month.
The prime minister said this is a reflection of the government’s policies for sustained economic growth and revival.
The FBR collected Rs410 billion during the first month of the fiscal year 2021-22 as against the monthly target of Rs341.7 billion, according to statistics compiled by the revenue board on Friday. The monthly collection was equal to 7% of the annual target.
The provisional collection was higher by 36.5% or Rs109 billion over the revenue generated during the same month of last fiscal year. Like the previous fiscal year when the FBR had exceeded July’s target by Rs57 billion, it has taken a good start of the new fiscal year again.
Out of the Rs410 billion, the FBR collected Rs210 billion at the import stage, which was equal to 51.3% of the total monthly collection.
The heavy reliance on import taxes and duties may cause inflation in the country, as taxes paid at the import stage are usually recovered by increasing the prices. These import taxes are also causing an increase in the prices of electricity and petroleum products.
Earlier it was reported that the FBR collected Rs4.732 trillion in the fiscal year 2020-21, exceeding the government’s target and was 18% higher than the collections made during the preceding fiscal year 2019-20. – TLTP