The Tax Collection in the ongoing year 2021-22 was about 29%, or Rs 1.38 trillion, higher than the previous year. The actual revenue collection target for the FBR was Rs5.9 trillion. However, under the IMF program and excellent revenue collection performance throughout the year, the revenue collection target was revised upward to Rs6.1 trillion.
According to the Rs6 trillion breakup of revenue collection made available, the FBR collected Rs2.21 billion as income tax; Rs2.77 trillion as sales tax; Rs320 billion as federal excise duty; Rs1.01 trillion as customs duty.
The sources said that the FBR has achieved around 98.3 percent of the target so far. The comparative numbers with the last fiscal year, the revenue collection targets in income tax, sales tax, federal excise duty, and customs duty has been achieved as 98 percent, 98 percent, 95 percent, and 102 percent, respectively.
Ministry of Finance had asked the FBR to close the fiscal year with a collection of Rs6.050 trillion and also directed to clear the pending refund claims.The tax department had missed at least six monthly targets during the past fiscal year but ended up achieving the upward revised annual target for the first time in recent history.
The annual tax collection target of Rs6.1 trillion on the back of higher imports, as Finance Minister Miftah Ismail, vowed to reward the taxmen by ending the disparity in their salaries.
