ISLAMABAD: Prime Minister Imran Khan on Friday commended the Federal Board of Revenue (FBR) for achieving "historic level of tax revenues" during the outgoing fiscal year. 

Taking to Twitter, the prime minister credited his government's policies for bringing about an economic turnaround in Pakistan. 

"I commend efforts of FBR in achieving historic level of tax revenues of Rs.4732 bn in 2020-21 - exceeding target of Rs 4691 bn & 18% higher than last year," tweeted the prime minister.

An earlier report in The News on Thursday said the Bureau had met its target for the fiscal year 2021-22.

The FBR, as per the report, went over its tax collection target of Rs4,691bn for the fiscal year 2020-21 and managed to collect Rs4,725bn.

But the FBR didn't manage to meet its initially envisaged tax collection target of Rs4,963 billion for 2020-21, which was revised downward to Rs4,691 billion in line with the IMF agreement.

Tax collections increased by 18.2% during the financial year, FBR sources told the newspaper.

Last year, the FBR had collected revenue amounting to Rs3997bn.

The FBR made a net collection of Rs555bn in June 2021 that helped the Bureau jack up its overall collection to Rs4,725bn on June 30, 2021.

The FBR’s collection stood at Rs4,170bn during the first 11 months (July-May) period of the current fiscal year, so after adding the collection of June 2021, the overall collection went up to Rs4,725bn, The News reported