The Federal Board of Revenue (FBR) collected net revenue of Rs. 669 billion in August 2023 against the target of Rs. 649 billion, surpassing the monthly target by Rs. 20 billion.
During the month of August 2023, refunds amounting to Rs. 42 billion were issued against Rs. 38 billion in August 2022.
FBR achieves its August-23 target by collecting Rs.669 Billion against Rs.494 Billion collected in Aug-22, registering an unprecedented growth of 35.4%.Target for the 2nd consecutive month alongwith other structural and indicative benchmarks of Standby Arrangement were also met.
— FBR (@FBRSpokesperson) August 31, 2023
For the first two months, FBR has collected Rs. 1,207 billion against the assigned target of Rs. 1,183 billion. FBR collected Rs. 488 billion under the head of income tax in the first two months of 2023 compared to Rs. 347 billion in the same period of last year, showing a growth of 41 percent.
A healthy growth of 16 percent was achieved in the collection of sales tax with collection surpassing Rs. 473 billion against Rs. 407 billion in July and August 2022. Almost Rs. 80 billion were collected as FED showing an increase of 57 percent. 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. This impacted the collection of Customs Duties where Rs. 166 billion was collected against Rs. 151 billion in July and August 2022, a growth of 10 percent.
