Trade of Asia

In July, tax collection exceeded expectations, with assistance from NADRA.

ISLAMABAD: The Federal Bureau of Revenue’s (FBR) revenue increased by 10% in the first month of this fiscal year.

According to the announcement issued by FBR, a total of Rs 458 billion was collected in the month of July, while in this regard, FBR had set a target of Rs 443 billion for the first month of July of the financial year.

Compared to the previous financial year, the revenue collected in the first month of this financial year, July, has recorded an increase of 10 percent. The statement further stated that Pakistan Customs collected revenues of Rs. 67 billion. The number of people submitting income tax returns has increased in the current financial year.

According to FBR, 3.4 lakh taxpayers filed income tax returns in the current financial year, while 3 million taxpayers filed income tax returns in the previous financial year.

On the other hand, the Federal Board of Revenue has decided to seek help from NADRA to achieve the tax collection target of Rs 7,470 billion set for the current financial year 2022-23.

According to officials, full data for 3,500 more people with high expenses has been requested from NADRA, while it has been decided to take help from track and trace and point of sale systems. To increase the tax net, foreign trips, expensive vehicles, and property purchase records will be checked.

An audit system will also be used to increase the tax net while checking the bank accounts of tax defaulters.

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