PM Khan lauds FBR as tax collection crosses Rs4tr during Jul-May
- Amount is 18% higher than comparative period of the previous fiscal year
Prime Minister Imran Khan lauded the performance of the Federal Board of Revenue (FBR), as the body crossed Rs4 trillion in tax collection during the July-May period of the ongoing fiscal year.
“I commend efforts of FBR in crossing historic milestone of Rs 4,000bn in any year for the first time ever,” said PM Khan in a tweet post.
During July-May, FBR's tax collection reached Rs4,143bn, an 18% increase compared to the same period last year. “This reflects broad-based economic revival spurred by government policies,” said PM Khan.
According to the Federal Board of Revenue's (FBR) report on performance 2020-21, the collection of sales tax was concentrated in a few commodities, including petroleum products, electrical energy, textile, sugar, food products, cigarettes, cement, aerated water/beverage, and iron and steel products. The share of the major 15 items has jumped from 65.8 percent to 69.4 percent, showing greater concentration on a fewer items.
Petroleum products are among the top revenue contributor of sales tax domestic.
The second major item is electrical energy with around 15% share in sales tax domestic collection. The share of sugar has increased from 3.8% to 5.7%, cotton yarn 3.3% to 4.5%, and cement from 2.5% to 3.2%.
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