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FBR Collected Majority of Taxes Through Imports During July-Feb FY22

Posted by Web Desk

The Federal Board of Revenue (FBR) has collected 52.2 percent of the total tax collection during July-Feb (2021-22) without any efforts of the tax machinery.

A senior government official shared data with the Propakistani that out of the total tax collection of the FBR during the first eight months of the current fiscal year, the collection from the import stage was 52.2 percent. The remaining 47.8 percent of tax collection came from domestic sources and local sales/supplies.

The FBR’s data has confirmed the fact that the import taxes i.e. customs duty, Additional Customs Duty (ACD), Regulatory Duty (RD), sales tax on imports and withholding taxes and Federal Excise Duty contributed a major chunk of revenue collection during 2021-22. The total percentage of collection i.e. 52.2 percent comes from the imports without involving any efforts of tax officials like creating tax demands, desk-audit or assessments.

The official said that the percentage of taxes from imports has been increased from 50 percent to 52.2 percent despite the government’s efforts of import compression.

According to the FBR, Inland Revenue collection increased by 29.0 percent from July 2021 to February 2022 by collecting Rs. 3,177 billion against Rs. 2,463 billion was collected in the same period, last year.

Moreover, Pakistan Customs has successfully maintained its growth trajectory by collecting Rs. 622 billion as against Rs. 454 billion was collected during the same period, last year.

The net collection for the month of February 2022 realized Rs. 443 billion representing an increase of 28.3 percent over Rs. 345 billion collected in February 2021. The FBR has surpassed the assigned monthly revenue collection target of Rs. 441 billion by collecting Rs. 443 billion during February 2022, reflecting an increase of Rs. 2 billion. FBR has collected net revenue of Rs. 3,799 billion from July 2021 to February 2022 of current Financial Year 2021-22, which has exceeded the target of Rs. 3,531 billion, reflecting an increase of Rs268 billion.

This represents a growth of about 30.3 percent over the collection of Rs. 2,916 billion during the same period last year.

Source: Pro Pakistan