The Federal Board of Revenue (FBR) has collected Rs 2.920 trillion in the first half of the current fiscal year (6MFY22), surpassing its collection target by Rs 287 billion.
According to the data, released by the Federal Bureau of Revenue on Friday, the tax collection during the period from July to December in the last calendar year went up by 32.5 percent to Rs 2.920 trillion against the target of 2.633 trillion.
The amount of tax collection during the same period in 2020 stood at Rs 2.20 trillion. The taxes, collected during the month of December were Rs 600 billion which did not touch the target of Rs 617 billion but month-on-month basis, the tax collection increased by 18 percent.
International Monetary Fund was assured that Rs 5.829 trillion will be collected as taxes in the current fiscal year as compared to the amount of taxes which was Rs 4.721 trillion in the fiscal year 2020-21.
Shaukat Tarin, the Federal Minister for Finance in a recent present conference said that Rs 6.1 trillion of taxes would be collected this year so as keep the budget deficit within the limit.
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There are some measures of government that are helpful in raising the tax revenue such as rising inflation, increase in rates of withholding tax on vehicles, mobile phones, and tax on entertainment, etc.
The gross collection including a refund of rebates payments went up to Rs 3.068 trillion in the first six months of the current fiscal year as compared to Rs 2.315 trillion during the same period in 2020-21.
The amount of refund disbursement was Rs 111 billion during the first six months of the fiscal year 2020-21 which touched the figure of Rs 148 billion, depicting the growth of 33 percent.
The economic analysts of the country are of the view that the increase in the disbursement of funds will greatly resolve the issue of liquidity shortage in the industrial sector.
The amount of tax collection in the form of customs duty by FBR also rose to Rs 476 billion during the first six months of this financial year as compared to Rs 334 billion during the same period, in the last fiscal year, showing an increase of 42.5 percent.
The amount of revenue collection in the form of income tax during the first six months of this fiscal year came to Rs 1.013 trillion which was Rs 826 billion during this period in the last fiscal year, showing the growth of 22.6 percent.
The figure of sales tax collection also went up by 38.7 percent to Rs 1.272 trillion during the first six months of the current fiscal year as compared to Rs 917 billion during this period in the fiscal year 2020-21.
