The Federal Board of Revenue (FBR) collected Rs. 6,710 billion during July-March (2023-24) against an assigned target of Rs. 6,707 billion, reflecting an increase of Rs. 3 billion.
According to data released by the FBR on Sunday, at the end of the third quarter of the current financial year, the FBR has collected Rs. 6,710 billion against an assigned target of Rs. 6,707 billion for the first nine months.
Sources told ProPakistani that the FBR has obtained billions in advances from large companies and business communities, barely meeting the monthly and nine-month revenue targets. The tax office had also obtained advances from companies in January and February of this year, continuing a policy that has been ongoing for the last several months.
Refunds amounting to Rs. 369 billion were issued compared to Rs. 254 billion issued during the same period last year. The FBR continues to register a 30% growth in revenue collection compared to the first nine months of the previous financial year.
During March 2024, the FBR collected the assigned target of Rs. 879 billion, and refunds amounting to Rs. 67 billion were issued compared to Rs. 22 billion issued in March 2023.
Meanwhile, most of the regional tax offices met their target, including RTO Rawalpindi.
In a remarkable feat of fiscal management, the Regional Tax Office (RTO) in Rawalpindi has surpassed its budgetary targets for March 2024, as well as its quarterly goals for the period spanning January to March 2024.
In March 2024, RTO Rawalpindi exceeded expectations by achieving commendable revenue collection, surpassing the quarterly target set for January to March 2024. The RTO has successfully met the budget target allocated for the first three quarters.
This remarkable performance signifies a proactive approach and diligent efforts on the part of the tax officials.
Tehmina Aamer, the Chief Commissioner of Inland Revenue, expressed her admiration and appreciation for the diligent efforts of the entire team at RTO Rawalpindi. She lauded the dedication and professionalism of the officers and officials of RTO Rawalpindi, which enabled the office to consistently exceed its targets.
She affirmed her confidence that the overall annual target for the financial year 2023-24 would also be achieved, given the continued commitment and hard work of the team.
