ISLAMABAD: In budget 2021-22, the federal government has set a herculean task of Rs 5829 billion revenue target for Federal Board of Revenue ( FBR).
The upward revised target of revenue collection envisages 24 percent increase over the
outgoing fiscal year.
The FBR has done a great job by collecting Rs 4170 billion revenue in 11 months of 2020-21, showing an increase of 18 % over the corresponding period of 2019-20.
FBR has achieved this milestone for Pakistan despite huge negative impact of COVID-19 on the national economy.
The government remedial measures like financial support to the industrial sector and businesses during the pandemic played a key role to generate business activities in Pakistan and enable FBR to get additional revenue in the current fiscal year.
Based on the result of substantial increase in revenue collection in 2020-21, the federal government has set Pakistan’s highest ever revenue collection target of Rs 5829 billion for FBR for 2021-22.
Finance minister, Shaukat Tareen, told a private TV channel after presenting the federal budget 2021-22 on Fridaay that the government intends to take increase in recenue collection up to 22 percent for next two years. He said Pakistan must get enhanced revenue target if Pakistan is to stay in comfortable zone in the future.
The revenue collection target of Rs 5829 billion is difficult, but not impossible for Pakistan if its economy keeps on growing at expected rate of 5 % in 2021-22.