The Federal Board of Revenue (FBR) achieved a significant feat by collecting a record Rs6,000 billion in revenue during the previous fiscal year 2021–2022.
The FBR reported that during the current fiscal year, it collected Rs2,205 billion in income tax, Rs2,773 billion in sales tax, and Rs1,007 billion in customs duty. The organisation in charge of collecting taxes also released Rs305 billion in refunds during that time.
According to former finance minister Shaukat Tarin, the government of Imran Khan’s policies and the country’s economic growth allowed FBR to meet its revenue goals.
Tarin insisted that the government should continue enforcing the prior administration’s tax laws. According to Tarin, the government shouldn’t impose additional taxes on the current taxpayers. Heavy taxes shouldn’t be imposed on the economy’s productive sectors, he continued.
The government has given the general public significant tax breaks on a number of necessities, but the FBR claims that these tax breaks haven’t prevented revenue collection from continuing on an unprecedented and constant growth trajectory. Sales tax on all POL products has been eliminated for the first time in the nation’s history, costing the FBR Rs45 billion per month.
In order to maximise revenue potential through digitization, transparency, and taxpayer facilitation, the FBR has implemented a number of novel interventions at both the policy and operational levels. In addition to ensuring transparency, facilitating taxpayers, and making business easier, this has led to a steady increase in revenue collection.