The Federal Board of Revenue (FBR) announced on Saturday that the tax collection in the first six months of current fiscal year has touched the figure of Rs2.083 trillion, which is 16.3 per cent higher than last year.

“It is the highest growth rate since 2015-16 and FBR has made great efforts to attain this growth despite rather subdued economic activity,” said the FBR in a press release.

According to the press release, the original target of Rs2.367 trillion was revised to Rs2.197 trillion keeping in view import compression in first quarter.

"The trend has continued for the second quarter. This compression of over $5 billion has on one hand improved current account situation but on the other hand has adversely affected the usual revenue resources of the government," read the statement.

The FBR said that on every billion dollar of import compression, an estimated loss of Rs56 billion of taxes is incurred.

"FBR has redoubled its efforts on the domestic side and has managed to shift its tax dependence on import taxes from 56 per cent to a little above 40 per cent this year," said the tax body in its statement.

Citing an expected upturn of economic activity in last six months and a likely stabilisation of imports, the FBR said that it will likely collect "an unprecedented amount of taxes this year without disrupting and distorting economic activity".