ISLAMABAD-The Federal Board of Revenue (FBR) has surpassed the tax collection target by Rs20 billion, registering 35 percent growth for the month of August-2023.
“Despite all odds, FBR has put in tremendous efforts to achieve the revenue target for the month of August-2023. As against a target of Rs649 billion, FBR was able to collect Rs669 billion net revenue, while refunds amounting to Rs42 billion were issued as against Rs38 billion in August 2022,” the FBR said on Thursday.
For the first two months, FBR has collected Rs1,207 billion against assigned target of Rs1,183 billion. FBR collected Rs488 billion under the head of income tax compared to Rs347 billion in the same period, thereby showing a growth of 41%. A healthy growth of 16% was achieved in the collection of sales tax with collection surpassing Rs473 billion as against Rs407 Billion in July and August 2022. Almost Rs. 80 billion were collected as FED, showing an increase of 57%. Cumulative growth of 29% has been achieved in the collection of Inland Revenue taxes.
On the imports side however, same momentum could not be maintained due to compression in imports. This has impacted collection of Customs duties where Rs. 166 billion was collected as against Rs. 151 billion in July and August 2022 with growth of 10%.
Team FBR is dedicated to not only achieve the assigned target but surpass them for the year ahead. The government has set tax collection target at Rs9.415tr for FY24 as against the revised collection of Rs7.2tr in FY23, showing an increase of 30 percent. The government hopes to achieve the target based on the projected economic growth of 3.5pc, average inflation of 21pc and some revenue measures. The autonomous growth in revenue — to come from GDP growth and inflation — is projected at Rs1.76tr in 2023-24.