FBR: Tax revenue grows to Rs.5.3 trillion in first 11 months of FY 2021-22

FBR: Tax revenue grows to Rs.5.3 trillion in first 11 months of FY 2021-22. For more news, visit Graana.com.

ISLAMABAD: Revenue collected by the Federal Board of Revenue (FBR) observed growth of 28.4 percent during the first eleven months of the current fiscal year 2021-22, FBR reported.

Figures released by the revenue collection board indicate that the average tax collection grew to Rs.5,349 billion during July-May in the current fiscal year. The numbers show a steep growth as compared to the collection of Rs.4,164 billion during July-May in the previous fiscal year (2020-2021).

The month of May 2022 saw a growth of 26.8 percent, as the net revenue collection grew to Rs.490 billion compared to Rs.387 collected during May 2021.

The net collections during July-May jumped to Rs.5,644 billion from the previous year’s Rs.4,389 billion, indicating an increase of 28.6 percent.

The FBR has stated that a constant growth trajectory has been achieved despite the government offering an immense number of tax reliefs to the general public. The board also bore costs reaching up to Rs.45 billion, since sales tax on all POL products has been reduced to zero.

The current unprecedented growth can be attributed to the FBR’s innovative interventions that aim to maximise revenue collection through transparency, digitisation, and taxpayers’ facilitation.