PM Imran Khan complimented the Federal Board of Revenue (FBR) on Saturday for reaching “record revenue collection” in July.
According to the PM, the total current collection for the month of July is Rs410 billion. This was the ‘highest ever’ revenue collection for July, and it was 22% more than the monthly goal.
“This is a reflection of the government’s policies for sustained economic growth & revival”, PM said in a tweet.
I commend efforts of FBR in achieving record revenue collection in July. As of now collection is Rs.410 bn which is highest ever in month of July – & around 22% above required target for the month. This is a reflection of govt's policies for sustained economic growth & revival.
— Imran Khan (@ImranKhanPTI) July 31, 2021
According to data released by the revenue board on Friday, the FBR collected Rs410 billion in the first month of fiscal year 2021-22, compared to a monthly goal of Rs341.7 billion. The monthly collection amounted to 7% of the total yearly goal.
The preliminary collection was 36.5 percent more than the income collected in the same month of the previous fiscal year, or Rs109 billion.
The FBR has had a strong start to the current fiscal year, as it did the previous fiscal year when it surpassed July’s goal by Rs57 billion.
The FBR collected Rs210 billion from the Rs410 billion in the import stage, accounting for 51.3 percent of the entire monthly collection.
Because taxes paid at the import stage are typically recovered by raising prices, the country’s excessive dependence on import taxes and tariffs may create inflation. The price of energy and petroleum goods has also risen as a result of these import tariffs.
Earlier, it was announced that the FBR received Rs4.732 trillion in FY20-21, which was 18% more than the previous fiscal year and above the PTI government’s goal.
The FBR collected Rs4.725 trillion in the fiscal year 2020-21, which concluded on June 30, increasing Rs727 billion or 18% from the previous year, according to preliminary data prepared by the FBR.
However, the collection fell short of the initial goal of Rs4.963 trillion set at the start of the fiscal year by Rs238 billion.
Former finance minister Dr. Abdul Hafeez Shaikh had urged provinces to base their budgets on reasonable assumptions at his post-budget news conference, warning that the Rs4.963 trillion goal may not be met.