According to a monthly report released by the ministry of finance and revenue on Monday, the average monthly economic indicator (MEI) for the first five months of the current fiscal year (2021-22) indicates that Pakistan’s average economic (GDP) growth during the period could be estimated at around 5%.
According to the “Monthly Economic Update & Outlook, December 2021,” Pakistan has maintained a stronger growth trajectory so far this fiscal year, rising from the GDP growth rate seen in FY2021.
During the first five months of the current fiscal year, FBR tax collections have performed exceptionally well, exceeding its revenue objective. It demonstrates that FBR is well on its way to meeting the FY2022 objective.
Various tax reforms are now being implemented to enhance paperwork and maximize taxpayer convenience, which will help to boost tax collection and support the current fiscal year’s aim, according to the study.