Graana News

FBR: Tax revenue grows to Rs.5.3 trillion in first 11 months of FY 2021-22

ISLAMABAD: Revenue collected by the Federal Board of Revenue (FBR) observed growth of 28.4 percent during the first eleven months of the current fiscal year 2021-22, FBR reported.

invest with imarat

Islamabad’s emerging city centre

Learn More

Figures released by the revenue collection board indicate that the average tax collection grew to Rs.5,349 billion during July-May in the current fiscal year. The numbers show a steep growth as compared to the collection of Rs.4,164 billion during July-May in the previous fiscal year (2020-2021).

The month of May 2022 saw a growth of 26.8 percent, as the net revenue collection grew to Rs.490 billion compared to Rs.387 collected during May 2021.

The net collections during July-May jumped to Rs.5,644 billion from the previous year’s Rs.4,389 billion, indicating an increase of 28.6 percent.

The FBR has stated that a constant growth trajectory has been achieved despite the government offering an immense number of tax reliefs to the general public. The board also bore costs reaching up to Rs.45 billion, since sales tax on all POL products has been reduced to zero.

The current unprecedented growth can be attributed to the FBR’s innovative interventions that aim to maximise revenue collection through transparency, digitisation, and taxpayers’ facilitation.

Ahmed Rehan

An editor and writer at Graana.com, Ahmed Rehan Nasir has a passion for creating engaging and informative content. With years of experience in the industry, Rehan has honed his writing skills and developed a deep understanding of SEO practices, crafting content that resonates with diverse audiences.

Recent Posts

Exploring Kalabagh: The Historic City in Mianwali District

Kalabagh, a small yet historically significant town in Pakistan’s Punjab province, is located within the…

23 hours ago

Nazimabad Number 2: A Well-Known Residential Area in Karachi

Nazimabad Number 2 is a well-known neighbourhood in Karachi, Pakistan, renowned for its vibrant community,…

2 days ago

A Guide to Quetta Town in Karachi

Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…

3 days ago

Akbar Chowk Lahore: A Focal Point of Connectivity

Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…

4 days ago

A Guide to Khuda Baksh Colony Lahore

Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…

5 days ago

Gol Market Karachi: A Vibrant Commercial Hub

Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…

2 weeks ago