FBR Collects Over Rs 1 Trillion in Revenue

For the first time in history, the Federal Board of Revenue reported 1 trillion PKR revenue from tax collection in the first quarter of the current fiscal year. According to the State Bank of Pakistan (SBP), FBR surpassed its target of Rs 970 billion by a large margin of 34 billion PKR. An analysis of the tax revenue collected shows that income tax alone contributed 358 billion PKR, followed by sales tax, federal excise duty, and customs duty.
The increasing tax revenue is reflective of the taxpayer’s confidence in the tax collection measures taken by the current government. Despite the pandemic and its impact on the overall economy, the government was able to provide tax relief measures to the public under the finance act of 2020. The tax relief measures strategically targeted sectors such as the construction sector, as they helped generate employment, particularly for unskilled labour and help drive economic growth during tough economic times.

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