The Federal Board of Revenue (FBR) not only met its revenue collection target for the first quarter of the current fiscal year but also exceeded it. Let’s delve into the specifics of this remarkable accomplishment.
The FBR set a revenue collection objective of Rs. 1,978 billion for the first quarter of the fiscal year. However, the actual amount collected exceeded expectations, reaching a staggering 2,041 billion rupees. This indicates that the FBR significantly exceeded its objective by Rs. 63 billion.
September Achievement
September played a significant role in this accomplishment. In September alone, the FBR collected 834 billion rupees, exceeding the target of 790 billion rupees. In addition, the FBR issued 37 billion rupees in refunds in September 2023, compared to 18 billion rupees in September 2022.
Confronting Import Challenges
Despite difficulties in import-related tax collection in September 2023, when taxes collected at the import stage totaled Rs. 254 billion (down from Rs. 299 billion the previous month), the FBR was able to make up the difference through domestic taxes, particularly direct taxes.
Dedication to Excellence
The FBR is not content to rely on its laurels. The FBR’s statement emphasizes their commitment to not only meet but also exceed the designated revenue targets for the forthcoming months of the current fiscal year. This commitment augurs well for the economic outlook of Pakistan.