The Inland Revenue officers of the Federal Board of Revenue (FBR) recovered an amount of Rs. 144.3 billion from taxpayers in 2022-23 against Rs. 120 billion collected in 2021-22 showing a growth of 20.2 percent.
The FBR’s report revealed that significant efforts were made during 2022-23 to enhance the collection from Income Tax demand outstanding as past arrears and the demand raised during the year.
During 2022-23, overall collection from Collection on Demand (CoD) stood at Rs. 144.3 billion against Rs. 120 billion collected in 2021-22 showing a growth of 20.2 percent. The growth under this head was mainly driven by the collection of current demand which grew by 66.8 percent although the arrear demand showed a significant decline of 91.9 percent.
The major contribution has come from advance tax collection with Rs. 945.3 billion in 2022-23 against Rs. 569.3 billion in 2021-22, registering a growth of 66 percent. This component includes payments made at the time of submission of annual Income Tax Returns. Under this head Rs. 122 billion has been collected during 2022-23 against Rs. 79.9 billion in 2021-22, showing a growth of 52.7 percent.
Follow ProPakistani on Google News & scroll through your favourite content faster!
Support independent journalism
If you want to join us in our mission to share independent, global journalism to the world, we’d love to have you on our side. If you can, please support us on a monthly basis. It takes less than a minute to set up, and you can rest assured that you’re making a big impact every single month in support of open, independent journalism. Thank you.
