In a positive development, FBR exceeds revenue target for August 23

In a positive development, FBR exceeds revenue target for August 23

The Federal Board of Revenue (FBR) has outperformed its revenue target by an impressive Rs20 billion in the second month of the current fiscal year. The projected revenue target for this period was Rs649 billion, but the FBR managed to achieve a net revenue collection of Rs669 billion in August 2023. This accomplishment showcases a remarkable growth rate of 35%, as highlighted in a press release issued on Thursday.

In the face of numerous challenges, the FBR has displayed remarkable determination in reaching its revenue target for August 2023. Notably, the FBR disbursed refunds amounting to Rs42 billion during this review period, a significant increase from the Rs38 billion refunded in August 2022.

During the initial two months of this fiscal year, the FBR has successfully amassed Rs1,207 billion in revenue, exceeding the designated target of Rs1,183 billion. The income tax segment exhibited substantial growth, with Rs488 billion collected, showcasing a remarkable 41% increase compared to the Rs347 billion collected during the same period in the previous year.

Additionally, the collection of sales tax witnessed commendable progress, achieving a healthy growth rate of 16%. The collection surged to Rs473 billion, surpassing the Rs407 billion collected in July and August of 2022. Federal Excise Duty (FED) also saw a noteworthy increase, collecting approximately Rs80 billion, marking a remarkable growth rate of 57%. The cumulative growth of 29% was achieved in the collection of Inland Revenue taxes.

However, the import sector did not sustain the same level of momentum due to a decline in imports. Despite this, the FBR's overall performance for the given period highlights its dedication and effective strategies in exceeding revenue targets and driving growth