The Federal Board of Revenue (FBR) has reportedly outperformed its revenue collection target for the initial seven months of the Current Fiscal Year. The data indicates that the FBR successfully gathered Rs 5,150 billion in revenue during this period, exceeding the set target of Rs 5,115 billion.
In a notable contrast, the FBR’s tax collection during the same timeframe last year amounted to Rs 3,973 billion, reflecting a substantial increase of Rs 1,177 billion. The commendable performance continued into January, where the FBR achieved a noteworthy milestone by collecting Rs 681 billion in taxes, significantly higher than the Rs 545 billion collected during the corresponding period in the previous financial year.
The month of December was particularly historic for the FBR, witnessing the collection of Rs 1.021 trillion after adjusting refunds of Rs 38 billion issued during that month. Targets for both January and the first six months of the current financial year were not only met but surpassed, as highlighted in a news release issued on Sunday.
The target for the initial six months, aligned with IMF agreements at Rs 4,425 billion, was exceeded by Rs 43 billion, resulting in a total collection of Rs 4,468 billion. In contrast, during the corresponding six months of the previous year, the FBR collected Rs 3,428 billion, signifying an impressive increase of over Rs 1 trillion.
The consistent trend of surpassing targets and achieving substantial year-over-year growth underscores the FBR’s effectiveness in revenue generation, showcasing a robust fiscal performance that contributes significantly to the economic stability of the country.
