The Federal Board of Revenue (FBR) has surpassed the tax collection target by Rs 44 billion set for the first quarter of the current fiscal year (FY24).
The FBR will issue updated data on tax collection by the end of the current month. However, despite two days left for the current month, the tax collection target both for September and the first quarter has been surpassed.
The tax collection during the first quarter (July-September) of 2023-24 is currently at Rs 2,022 billion against a target of Rs 1,978 billion, reflecting a growth of Rs. 44 billion.
In September 2023, the FBR has already collected Rs. 815 billion against the target of Rs. 795 billion, reflecting an increase of Rs. 20 billion.
Any tax figures collected by FBR may also be including the refundable amounts due to the tax payers. FBR does not refund in routine unless either one takes it up through Tax Ombudsman or it is approached through higher authorities. A normal tax payer should forget refunds in routine.