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ISLAMABAD: Prime Minister Imran Khan has praised the Federal Board of Revenue's efforts for collecting Rs 4,143 billion during July-May (2020-21) against Rs 3,532 billion in the same period of 2019-20, reflecting an increase of 18 percent.

The prime minister tweeted, on Saturday, "I commend efforts of FBR in crossing historic milestone of Rs 4,000 billion in any year for first time ever. During Jul-May our collections reached Rs 4143 billion and still counting - 18 percent higher than same period last year. This reflects broad-based economic revival spurred by the government policies."

So far, the FBR has provisionally collected Rs 369 billion in May 2021 against the monthly target of Rs357 billion, reflecting an increase of Rs 12 billion. The provisional revenue collection stood at Rs 369 billion in May 2021 against Rs 229 billion collected in the corresponding period of May 2020, showing an increase of Rs 140 billion.

The revenue collection is expected to increase by a few billions in the coming days. It would be the first year in the country's history when the FBR surpassed the psychological barrier of Rs 4000 billion mark. The tax machenry is facing a task to collect Rs 578 billion till June 30, 2021 for achieving the downward revised target of Rs 4691 billion. The revenue collection target of June has been projected at Rs636 billion, sources added.

Copyright Business Recorder, 2021