Federal Board of Revenue has collected Rs 1.84 trillion in taxes Against a target of Rs 1.6 trillion during July – October 2021 period, , according to FBR authorities, exceeding the target by Rs 240 billion.
For the fourth straight month, the FBR continued to increase its tax collection at a healthy pace. In July-October it exceeded by 240 billion.
Despite rising Tax collections, IMF has asked government to impose further taxes of Rs.500bn as import duties are likely to subside with the reduction in imports going onwards.
FBR is expected to achieve annual tax collection target of Rs 5.829 trillion.
Sources said the IMF is basing its position on the assumption that import growth – the main source of exceptionally good results – will eventually slow down.
On Saturday, Prime Minister Imran Khan congratulated the Federal Board of Revenue (FBR) on receiving tax revenues of Rs 1,840 billion in the first quarter of this fiscal year, up 37 percent from last year.
Rising commodity prices and increased Imports over the first four months period of Fiscal Year 2021-2022 has led to increased Tax collection of FBR. However, Direct tax growth remained muted during the period, casting doubt over persistency of Tax collection momentum going onwards.
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