Thursday, December 7, 2023

FBR collects Rs. 1.63 trillion tax, exceeded target by Rs. 26 Billion in 3 months

The Federal Board of Revenue (FBR) collected Rs. 1.635 trillion in the first quarter (July-September) of 2022-23, a 17 percent increase over the assigned target of Rs. 1.609 trillion.

The FBR has collected Rs. 27 billion more than the target. These results would improve significantly before the end of the day. The Federal Board of Revenue (FBR) has issued initial revenue collection numbers for September and the first three months of the current financial year. FBR has collected net revenue of Rs. 685 billion during the month of September against the target of Rs. 684 billion which is 27 percent higher than the collection of September last year.

This performance in revenue collection is despite zero rating of Sales Tax on POL products, import compression and the prevailing situation of floods. This impressive growth is primarily based on the 41% growth in direct taxes in the first quarter which is in line with the policy of the government to tax the rich and affluent.

The revenue performance is reflective of the robust revenue mobilization strategy of FBR and effective enforcement by the field formations. On the other hand, the amount of refunds of Rs. 84 billion was disbursed during the first quarter against Rs. 62 billion in the first quarter of the last year which is 35.5 % higher.

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