ISLAMABAD-The Federal Board of Revenue (FBR) has surpassed the tax collection target by Rs4 billion in the month of July this year.
Amid all the economic challenges faced by the country, FBR has successfully surpassed the revenue target for the month of July-2023 and has even shown a robust 16.6% growth as compared to the corresponding month of last year. As against the set target of Rs. 534 billion, net revenue of Rs. 538 billion has been collected, despite issuance of refunds amounting to Rs. 49 billion. Direct taxes continue to show a remarkable growth of 30% during the current month. Inland Revenue Taxes showed a healthy growth of 18% as compared to last July and FBR team is optimistic with regards to sustaining this growth pattern for rest of the year.
FBR has exhibited a promising start for financial year 2023-24 regarding the revenue collection, by putting in an outstanding effort to achieve the monthly tax target despite all the economic headwinds faced by the country. The performance of FBR amidst the current financial and economic turmoil, portrays the unwavering dedication of the tax officials to achieve the assigned target for the current year. 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.