ISLAMABAD: The Federal Board of Revenue (FBR) is forecast to reach an upwardly revised target of Rs6,100 billion by the end of June 2022 after exceeding the budgeted target of Rs5,829 billion set for the entire fiscal year (2021–22).
The FBR collected a net Rs5,882 billion between July and June 22 (2021–22), which is less than the increased target of Rs6,100 billion for the current fiscal year, according to preliminary figures produced by the FBR on Wednesday.
The financial goal of Rs. 5,829 billion, set for 2021–22, was, however, reached on Wednesday. In comparison to the budgeted objective of Rs5,829 billion, the FBR has tentatively collected net amounts totaling Rs5,882 billion in 2021–22, an increase of Rs53 billion.
The upwardly increased target of Rs6,100 billion, which would be reached by the end of the current fiscal year, is within reach, according to sources.
The objective for June 2022 has been set at Rs732 billion, and the tax system is anticipated to meet this goal. The provisional collection as of June 2022 was a net of Rs529 billion. The tax collection system had received Rs571 billion as of June 2021. According to the sources, the FBR has to collect Rs203 billion over the final eight days of June.
In comparison to the total amount paid during the prior fiscal year of 2020–21, the FBR paid refunds and rebates of Rs. 305 billion from July–June 22 (2021–22), an increase of Rs. 64 billion.
In comparison to the allocated objective of Rs5,130 billion, the tax system has provisionally received net revenue of Rs5,349 billion between July 2021 and May 2022, an increase of Rs219 billion.
The FBR reported net revenue of Rs. 5,349 billion between July 2021 and May 2022 of the current fiscal year 2021–22, according to preliminary data. After the closing of payment receipts and reconciliation with the State Bank of Pakistan, the reported provisional figures will further improve. This is an increase of around 28.4% above the $4,164 billion in revenue collected during the same time last year.