ISLAMABAD-Federal Board of Revenue (FBR) has exceeded the tax collection target for January by Rs4 billion.
FBR has demonstrated a commendable revenue collection performance during January 2023 and has not only achieved the monthly target of Rs 533 billion but surpassed it by Rs 4 billion. According to provisional figures, FBR has collected Rs. 537 billion in the month of January 2023 thereby showing an impressive growth of 23% compared to the same month last year. Cumulatively, FBR has collected Rs. 3,965 billion in the first seven months of the current financial year against Rs. 3,367 billion collected in the corresponding period of last year, depicting a growth of 18%. The third quarter of the current year started with an impressive performance and the team FBR is committed to meet the annual budgetary target of Rs 7,470 billion for the current financial year despite economic challenges.
Direct taxes collection has grown at a robust pace, which has shown growth of 48 % during the first seven months of the current financial year which is reflective of government’s policy of shifting tax burden to wealthy and affluent segments of society. It is also highlighted that the administrative and enforcement measures of the FBR have yielded the results which is reflected in the growth of direct taxes in special and the domestic taxes at large. The growth in domestic taxes is 40% during the same period. The contribution of domestic taxes has also increased from 50% last year to 59% during the current year. Furthermore, it is also significant that the collection from Customs Duty has shown an increase of 16% during the month of January 2023 as compared to the same month last year. Additionally, FBR has not stopped short of taking care of exporters’ liquidity problems and has issued refunds of Rs. 208 billion during the first seven months of the current financial year as against Rs. 183 billion during corresponding period of last year which is 14% more than the previous year’s issued refunds.
FBR appreciated all those taxpayers whose due contributions helped in achievement of the budgetary target and also lauded the endeavors of all field formations and its officers for their untiring efforts and commitment to optimize revenue collection in challenging economic situation. This growth in tax revenues, especially direct taxes, underscores the resolve of the government and FBR to make Pakistan a prosperous nation to withstand financial shocks and bridge the fiscal deficit.