PTI is receiving praise as the incumbent PML-N led government celebrates the Federal Board of Revenue’s (FBR) recent achievement. Earlier, the FBR surpassed the annual tax collection target of Rs6.1 trillion.
The FBR provisionally collected around Rs6.125 trillion till Thursday evening, beating expectations of the finance ministry that had made the new fiscal year 2022-23 budget on the estimate of Rs6 trillion collection.
According to the details, the FBR collected slightly over 63%, or Rs3.86 trillion, in regressive taxes – general sales tax, customs duty, and federal excise duty, which were the three main sources of indirect taxes. The customs duty collection increased to Rs1 trillion, showing an increase of Rs245 billion, or 33%.
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The FBR also recorded a 27% growth in sales tax collection due to heavy reliance on import taxes. It collected over Rs2.5 trillion in sales tax, up Rs540 billion.
Both PTI & PML-N claim credit
Interestingly, both the PML-N and PTI are grappling for credit over the recent achievement. Finance Minister Miftah Ismail said the tax collection shows where the “competence lies”.
“I have given more tax refunds than Shaukat Tarin and also showed more growth in revenue collection during the last quarter (April-June) of the fiscal year,” said Finance Minister Miftah Ismail. “The higher collection and more payment of refunds tell where the competence lies.”
On the other hand, former Finance Minister Shaukat Tarin believes that FBR crossed its targets due to the previous government’s strong economic policies.
“Well done FBR. This was possible due to the strong economic growth and progressive tax policies of PMIK lead PTI. Bravo FBR, Bravo PTI. Now let’s not go back to regressive tax policies of taxing the already taxed and overtaxing the productive sectors of the economy,” Shaukat Tarin tweeted.
Well done FBR. This was possible due to the strong economic growth and progressive tax policies of PMIK lead PTI. Bravo FBR, Bravo PTI. Now let's not go back to regressive tax policies of taxing the already taxed and overtaxing the productive sectors of the economy https://t.co/x25tZLSZI2
— Shaukat Tarin (@shaukat_tarin) June 28, 2022
Pertinent to mention, many Twitteratis are also appreciating the ousted PTI government for introducing policies and systems that ensured record tax collection.
Read more: What is FBR’s newly launched automated currency declaration system?
“Credit goes to Shaukat Tarin and PTI for this achievement,” one of Pakistan’s leading journalists Mansoor Ali Khan tweeted.
Credit goes to @shaukat_tarin & @PTIofficial for this achievement pic.twitter.com/gAIXlDxie6
— Mansoor Ali Khan (@_Mansoor_Ali) July 1, 2022
“Another great feat of PTI. Lest anyone forgets, it is because of the policies and systems put together by the PTI government with FBR. They worked hard to make systems where tax evasion was becoming nearly impossible. Thankyou Imran Khan,” another Twitter user wrote.
Another great feat of PTI.
Lest anyone forgets, it is because of the policies & systems put together by the PTI Gov't with FBR.
They worked hard to make systems where tax evasion was becoming nearly impossible.Thank you @ImranKhanPTI https://t.co/XJb33FCwJR
— N.🇵🇰 (@eleuthromaniac7) June 30, 2022