The Federal Board of Revenue (FBR) in Pakistan has achieved a significant milestone by surpassing its revenue target for the first quarter of the current financial year. FBR’s efforts have resulted in the collection of Rs. 2,041 billion during this period, marking a notable increase from the previous year’s collection of Rs. 1,644 billion. This accomplishment has exceeded the assigned revenue target by an impressive Rs. 63 billion.
In addition to this remarkable achievement, the FBR has demonstrated exceptional dedication to achieving its revenue goals for the month of September 2023. Despite facing a target of Rs. 794 billion, the FBR managed to collect Rs. 834 billion. This is a significant improvement compared to the previous year when the collection amounted to Rs. 688 billion. Furthermore, the FBR issued refunds amounting to Rs. 37 billion during September 2023, in contrast to the Rs. 18 billion issued in the same month of 2022.
It is worth noting that September 2023 witnessed a notable reduction in imports, leading to a decline in taxes collected at the import stage. While taxes collected at the import stage in the previous month amounted to Rs. 299 billion, the figure for September 2023 was Rs. 254 billion. However, the FBR was able to offset this Rs. 45 billion shortfall through increased collection from domestic taxes, particularly direct taxes.
The achievements of Team FBR are a testament to their tremendous dedication and hard work. The sincerity and work ethic displayed by FBR officers and officials have been exemplary. The FBR remains committed not only to achieving the assigned revenue targets for the upcoming months of the current financial year but also to surpassing them.
