ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs4.725 trillion in taxes in the last fiscal year at a healthy growth rate of 18%, which is better than expectations but lower than the original unrealistic tax target, reported Express Tribune.
Unlike in the past when it used to take huge advances and block refunds, this time the machinery did not use arm-twisting measures and instead relied on enforcement tools that helped it still to show double-digit growth.
During the fiscal year 2020-21 that ended on Wednesday, the FBR collected Rs4.725 trillion – up by Rs727 billion or 18% over the collection in the preceding year, said the provisional figures compiled by the FBR.
However, the collection fell short by Rs238 billion against the original target of Rs4.963 trillion set at the start of the fiscal year.
During his post-budget press conference, former finance minister Dr. Abdul Hafeez Shaikh had appealed to the provinces that they should make their budgets on realistic assumptions as the Rs4.963 trillion target might not be achieved.
