The Federal Board of Revenue (FBR) announced in their annual report a historic high tax collection in the fiscal year from July 2021 to November 2021. The total number, as compared to last year has increased to the ratio of 35%. This speaks well on the people of Pakistan, and the government itself because of the revenues that we have collected this year.
The report that FBR has launched, indicates that the revenue collected by Pakistan in the first half of 2021, was Rs. 2,314 billion, whereas the revenues collected in the current fiscal year went beyond the target of Rs. 2,016 billion by Rs. 298 billion.
What FBR has to say about revenue collection
To see the people of Pakistan taking part in the growing economy is one of the things that makes us all very happy. An FBR official, when asked about the increase of 35% in revenue collection said, “daunting challenges, compelling constraints posed by the coronavirus pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures.”
In another review, it was said, “Its tax collection posted historic high growth in the first quarter of the current fiscal year,” it revealed, adding that during the first four months (July-October), the FBR has far surpassed its revenue target by Rs233 billion.
“This spectacular performance in the first five months of the current fiscal year clearly shows that FBR is well on its way to achieving the assigned target of Rs5,829 billion for the year,” the statement read.
“We are thinking of around Rs10-15 trillion in taxes,” said Mohammed Nasser Janjua, Chief POS (point of sale), Federal Board of Revenue (FBR). “It would take time, obviously, but it will revolutionise the tax system.”
Credit – where it’s due
This has been made possible because of the digital invoice in online payments, which allowed FBR to be able to collect real-time taxes, through various business. This will help tax payers themselves to be able to pay their taxes in time, and will allow FBR to keep a count of things.
Qatra Qatra sei darya banta hai. This is just an example of the direction in which Pakistan is heading. To see the government and the people doing everything they can to ensure that Pakistan boosts its economy, and emerge into the world as a prime example of what developing countries should do to strengthen their economies. And the credit goes to both the government officials and the people for ensuring this.