The Federal Board of Revenue (FBR) has exceeded both the five-month (July-Nov) target for the current fiscal year (FY23) as well as the monthly target for November despite import compression and zero rating on petroleum products.
As per provisional figures, FBR collected Rs. 2,688 billion during the first five months of FY23 compared to Rs. 2,330 billion collected during the corresponding period of the previous year, an increase of over 15 percent. FBR has also issued refunds to the tune of Rs. 135 billion compared to Rs. 124 billion issued last year.
Provisional gross revenue collection stood at Rs. 2,823 billion for the first five months of FY23 compared to Rs. 2,454 billion collected during the corresponding period of the previous fiscal year. The collection of direct tax registered maximum growth of 43 percent during the period.
Only in the area of Income Tax arrears, FBR collected Rs. 24.17 billion during the five-month period as against Rs. 11.69 billion collected last year.
November collection
The provisional net collection in November 2022 stood at Rs. 538.2 billion which shows an increase of more than 11 percent over the collection of Rs. 480 billion in November 2021.
During November, Income Tax arrears of Rs. 8.98 billion were collected compared to Rs. 6.65 billion last year.
The revenue collection trends during the first five months of the financial year augurs well for the achievement of the assigned revenue targets for the current financial year.
