Pakistan to Meet its Tax Collection Target With Ease

Prime Minister Imran Khan has said that the Federal Board of Revenue’s (FBR) tax revenue collection has been 23% more than the intended target in July and August.

In a Twitter post, he said that the FBR had collected Rs. 850 billion in the last two months, which is 51%more than the revenue collected in the same period last year.

According to reports, the FBR chairman Dr. Ashfaq Ahmed restructured the roadmap to follow and announced that tax collection grew 45% in revenue in the second month of the current fiscal year.

The figures presented by him during a news conference at the FBR headquarters showcased that revenue collection in August reached Rs. 434 billion, overall up by 45% from last year’s Rs. 3 trillion.

He said that the revenue collection was Rs. 85 billion or 24% more than the target set for the month of August.

Similarly, the target for both July and August was Rs. 690 billion while revenue collection increased by Rs. 159 billion or 263% to Rs. 849 billion.

The revenue increase over the same period last year was 41% or Rs. 603 billion.

Dr. Ashfaq Ahmed claimed that the FBR had made significant strides during the COVID-19 crisis.

It may be recalled that while preparing the budget, the government had assured the International Monetary Fund (IMF) to collect revenue of Rs. 58.29 trillion in FY 2022 against FY 2021’s Rs. 47.21 trillion.

Dr. Ashfaq Ahmed also said that, based on the performance of 2 months, he is hopeful that the target of revenue collection for the current financial year will be achieved. He stated that his focus will be on automation, taxpayer convenience, simplification of tax laws, improvement in tax enforcement, and ease of doing business.

He added that his priority focus would be on revenue generation while also focusing on reforms.

The FBR chairman further said that upgrading information technology (IT) equipment was also one of his priorities under a World Bank-funded project.

He also denied that taxpayers’ data had been hacked in a recent cyber attack.

Replying to a question, Dr. Ashfaq Ahmed said that the resignation of the Chief Executive Officer of Pakistan Revenue Automation Pvt. Ltd. was not linked to the cyberattack on the FBR data system.

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