FBR set to reach Rs6.1 trillion tax collection target for FY22

ISLAMABAD: The Federal Board of Revenue (FBR) is set to meet its target of Rs6.1 trillion for tax collection in FY22. The FBR has reinforced its efforts for tax recovery from the business sector in June 2022, ensuring that the goal is met by the end of the ongoing fiscal year.

The original tax collection target for the fiscal year 2021-22 was Rs5,829 billion, which has already been met by the FBR. Currently, the Board has collected a total of Rs5,882 billion, while the targeted amount is at Rs6,100 billion for FY22.

The FBR set a monthly target for June 2022 at Rs732 billion, while Rs539 billion have already been collected. The Board now has to collect a total of Rs203 billion within the remaining period of June 2022 to meet its monthly and yearly target.

The FBR’s provisional collected revenue for July-May FY22 stands at Rs5,349 billion. Compared to the set target of Rs5,130 billion, the Revenue Board saw an increase of Rs219 billion.

The figures are said to improve after closure of payment receipts and reconciliation with the State Bank of Pakistan (SBP). Overall, the FBR has witnessed a growth of 28.4 percent as it only collected Rs4.164 billion during the same duration in the previous fiscal year FY21.