FBR All Set to Achieve Rs. 705 Billion Tax Collection Target for October 2023

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The Federal Board of Revenue (FBR) is all set to achieve the tax collection target of Rs. 705 billion for the month of October 2023.

Sources told ProPakistani that the FBR would be able to achieve a tax collection target of Rs. 705 billion for October 2023. The current pace of revenue collection is satisfactory for the current month and tax machinery would meet the target of the first four months of the current fiscal year (2024-24).

So far, the tax machinery has collected Rs. 2,041 billion during the first quarter of the current financial year against the assigned target of Rs. 1,978 billion, exceeding the target by Rs. 63 billion.

As against a target of Rs. 794 billion, the FBR was able to collect Rs. 834 billion, while refunds amounting to Rs. 37 billion were issued compared to Rs. 18 billion issued in September 2022.

The FBR had collected Rs. 834 billion in September 2023 against Rs. 688 billion in September 2022, showing an increase of Rs. 146 billion.

The FBR has collected Rs. 2,041 billion during July-September (2023-24) against Rs. 1,644 billion during the same period of 2022-23, reflecting an increase of Rs. 370 billion.

However, severe import compression was witnessed during the month of September 2023.

In the preceding month, tax collections at the import stage amounted to Rs. 299 billion, while in the current month, they totaled only Rs. 254 billion.

The FBR was able to make up the shortfall of Rs. 45 billion through domestic taxes, especially direct taxes.

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