The Federal Board of Revenue (FBR) is on track to reach the increased revenue collection target of Rs. 6.1 trillion by the end of the current fiscal year after stepping up enforcement measures for recovery from the business community in June 2022. (FY22).
The FBR has been able to meet the first tax collection target of Rs. 5,829 billion for the fiscal year 2021–2022, according to high-ranking officials who spoke to sources. In comparison to the increased target of Rs. 6,100 billion for FY22, the FBR has so far collected taxes of Rs. 5,882 billion during the months of July through June.
The FBR has collected Rs. 529 billion as opposed to the monthly target of Rs. 732 billion for June 2022. For the remainder of June 2022, the FBR must now collect Rs. 203 billion.
In comparison to the allocated target of Rs 5,130 billion, the FBR had provisionally received net income of Rs 5,349 billion for July through May FY22, an increase of Rs 219 billion.
After the closing of payment collections and reconciliation with the State Bank of Pakistan, the provided preliminary statistics will further improve. Compared to the revenue collected during the same time the previous year, which was Rs. 4,164 billion, this indicates an increase of around 28.4%.
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