The Federal Board of Revenue (FBR) has provisionally collected Rs. 537 billion during January 2023 against the monthly tax collection target of Rs. 533 billion, surpassing it by Rs. 4 billion.
According to provisional figures, FBR has achieved a growth of 23 percent compared to the same month last year. Cumulatively, FBR has collected Rs. 3,965 billion in the first seven months of the current financial year against Rs. 3,367 billion collected in the corresponding period of last year, depicting a growth of 18 percent.
FBR has demonstrated commendable revenue collection performance by not only achieving the Jan 2023 target of Rs. 533 billion but surpassed it by Rs.4 billion. Overall, FBR has collected Rs. 3965 billion in the first 7 months of CFY compared to Rs. 3367 billion last year. 1/2
— FBR (@FBRSpokesperson) January 31, 2023
The collection of direct increased by 48 percent during the first seven months of the current financial year which is reflective of the government’s policy of shifting the tax burden to wealthy and affluent segments of society.
The FBR said that administrative and enforcement measures have yielded results that are reflected in the growth of direct taxes and domestic taxes at large. The growth in domestic taxes is 40 percent during the same period. The collection from Customs Duty has increased by 16 percent during the month of January 2023 as compared to the same month last year.
Additionally, FBR has not stopped short of taking care of exporters’ liquidity problems and has issued refunds of Rs. 208 billion during the first seven months of the current financial year as against Rs. 183 billion during the corresponding period of last year.