FBR collects Rs538bn tax revenue against a target of Rs534bn

August 01, 2023 (MLN): The Federal Board of Revenue (FBR) has successfully surpassed the revenue target for the month of July 2023 by collecting Rs538 billion tax revenues as against the set target of Rs534bn, said a press statement issued by FBR today.

Amid all the economic challenges faced by the country, the tax collection showed a robust 16.6% growth as compared to the corresponding month of last year, despite the issuance of refunds amounting to Rs49bn.

Direct taxes continue to show remarkable growth of 30% during the current month.

Inland Revenue Taxes has shown 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 the financial year 2023-24 regarding 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 projected a revenue collection target of Rs9.415 trillion for FY24.

To recall, in FY23, FBR missed its annual budgetary collection target by almost Rs522bn, collecting Rs7.118tr until June 27 as compared to the projection of Rs7.64tr for FY23.

Copyright Mettis Link News