ISLAMABAD: The Federal Board of Revenue (FBR) collected Rs262 billion more than its seven-month net tax collection objective.
The FBR has effectively maintained the momentum of its revenue collecting growth trajectory.
According to the FBR, the supreme tax collection body collected Rs3,352 billion against its set target of Rs3,090 billion. This represents a growth of about 30.4% over the collection of Rs. 2,571 billion during the same period, last year.
FBR collected a tax of Rs430 billion in the month of January 2022 as compared to the collection of Rs367 billion in the same period of the previous year. The data showed an increase of 17.2% in tax collection in the month of January.
It is pertinent to mention that FBR has introduced a number of innovative interventions both at the policy and operational level with a view to maximizing revenue potential through digitization, transparency, and taxpayers’ facilitation.
Earlier, the Federal Board of Revenue froze all bank accounts of cash-strapped Pakistan International Airlines (PIA) over Rs4.50 billion outstanding payments.
According to sources within the tax-collecting agency, the national airline failed to pay the federal excise duty (FED) received on tickets over the previous two years.
The accounts were later reinstated when the PIA CEO assured them that payment would be made.