ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs 1,207 billion during the first two months (July-August) of current fiscal year (2023-24) against the assigned target of Rs1,183 billion, reflecting a remarkable increase of Rs 24 billion.

According to the details of the tax collection released by the FBR on Thursday, 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 Rs. 649 Billion, FBR was able to collect Rs. 669 Billion net revenue, while refunds amounting to Rs. 42 Billion were issued as against Rs. 38 Billion in August 2022.

For the first two months, FBR has collected Rs.1,207 billion against assigned target of Rs. 1,183 Billion.

FBR surpasses July revenue collection target

The FBR collected Rs. 488 Billion under the head of Income tax compared to Rs. 347 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 Rs. 473 Billion as against Rs. 407 Billion in July and August 2022.

Almost Rs. 80 Billion were collected as federal excise duty (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.

Copyright Business Recorder, 2023