Pakistan Stock Exchange (PSX) and Federal Board of Revenue (FBR) remained on a see-saw in the first quarter of the ongoing fiscal year.
PSX declined by 5.3% in September while FBR registered historic growth in revenue in the first quarter of the fiscal year 2021-2022 (FY22).
Stock market
KSE-100 index lost 2,050 points in September only and closed around 44,900 points while the index has lost 5.2% or 2,455 points since the start of FY22 .
The foreign investors sold shares worth $36 million in the 9th month of the year.
Tax collection
FBR has collected net revenue of Rs 1,395 billion during the first quarter of the current financial year.
During the same period last year, the collection stood at Rs 1,211 billion while it rose by Rs 186 billion.
This was a 38.3% increase quarter-wise compared to the previous year.
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Prime Minister Imran Khan also took to his Twitter to felicitate the revenue body.
I congratulate the nation on FBR’s achievement of collecting Rs.1,395 billion in Q1 of FA 2021-22 against the target of Rs.1,211 billion. This represents a growth of 38 percent in revenues over the same period last year.
— Imran Khan (@ImranKhanPTI) October 1, 2021
FBR also disbursed refunds of Rs 59 billion during July-September, 2021 compared to Rs 49 billion paid last year, reflecting an increase of 20.2%.
A press release said FBR is well on its way to achieving the assigned target of Rs 5,829 billion for the year despite the daunting challenges, compelling constraints posed by the coronavirus pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures.