ISLAMABAD: The Federal Board of Revenue (FBR) has exceeded the revenue target by Rs20 billion compared to the expected target of Rs649 billion for the second month of the ongoing fiscal year. In August 2023, the net revenue collection reached Rs669 billion, indicating a substantial growth of 35 percent.
Despite facing various challenges, the FBR has demonstrated significant efforts to meet the revenue target for August 2023. During this month, the FBR issued Rs42 billion in refunds, surpassing the amount of Rs38 billion disbursed in August 2022.
In the first two months of the fiscal year, the FBR has accumulated a total of Rs1,207 billion in revenue, exceeding the assigned target of Rs1,183 billion.
Under the category of income tax, the FBR collected Rs488 billion.
It reflects a significant 41 percent increase compared to the same month of the previous year. Additionally, there has been a commendable growth of 16 percent in the collection of sales tax, reaching a total of over Rs473 billion, as opposed to Rs407 billion in July and August 2022.
Federal Excise Duty (FED) contributed approximately Rs80 billion, marking a substantial growth of 57 percent. Furthermore, a cumulative growth of 29 percent has been achieved in the collection of Inland Revenue taxes.
On the imports side, however, the same momentum could not be maintained due to compression in imports. Consequently, the collection of Customs duties was affected. A total of Rs166 billion was collected, in contrast to Rs151 billion in July and August 2022. It shows a growth rate of 10 percent.
The FBR team remains committed to not only meeting but surpassing the assigned targets for the upcoming year.
