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ISLAMABAD: The Federal Board of Revenue (FBR) is all set to achieve the upward revised target of Rs6,100 billion for 2022-23, as the provisional collection has crossed Rs6,000 billion till Tuesday.

According to the data compiled by the FBR on Tuesday, the tax machinery has provisionally collected over and above Rs6,000 billion against the budgeted target of Rs5,829 billion set for the whole fiscal year (2021-22), reflecting an increase of Rs171 billion.

So far, the FBR has achieved 98.3 percent of the upward revised target of Rs6,100 billion for 2022-23.

According to the FBR’s spokesperson, the FBR will achieve the enhanced revenue collection target of Rs6,100 billion for 2022-23. The FBR will comfortably reach the target of Rs6,100 billion by the end of the current fiscal year.

The gross revenue collection amounted to Rs6,305 billion for July-June (2021-22). After payment of refunds of Rs305 billion, the net collection stood at Rs6,000 billion.

The FBR has provisionally collected Rs6,000 billion in 2021-22 against Rs4,651 billion in 2020-21, showing an increase of Rs1,349 billion.

FBR forms body to implement IR strategic reform plan

Breakup tax collection revealed that the income tax collection totaled at Rs2,191 billion during July-June (2021-22) against Rs1,671 billion during the same period of 2020-21, reflecting an increase of Rs520 billion.

The FBR has provisionally collected Rs2,515 billion sales tax during the 2021-22 against Rs1,963 billion in the corresponding period of 2020-21, showing an increase of Rs552 billion.

The collection of the Federal Excise Duty stood at Rs320 billion during the period under review against Rs283 billion during the same period of 2020-21, reflecting an increase of Rs37 billion.

The provisional collection of customs duty was Rs974 billion during the 2021-22 against Rs734 billion in the corresponding period of 2020-21, showing an increase of Rs240 billion.

Copyright Business Recorder, 2022

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