FBR collects Rs3.43tr in 6MFY23

January 01, 2022 (MLN): While demonstrating a remarkable performance in 6MFY23, the Federal Board of Revenue (FBR) has collected Rs3.43 trillion compared to Rs2.92bn collected in the corresponding period of last year, registering an increase of 17% YoY.

Despite the drop in significant decline in imports, in the month of December 2022 alone, the board collected Rs740 billion compared to Rs599bn in December 2021 showing an impressive growth of almost 24% YoY.

Out of which, direct taxes recorded a growth of 66% YoY in December 2022 which is a clear indicator of the policy of shifting the tax burden on the wealthy and affluent.

Meanwhile, in 6MFY23, direct taxes witnessed a jump of 49% YoY compared to the same period last year.

The aforestated amount was collected despite the fact that certain policy interventions having a revenue impact of Rs250bn introduced through the Finance Act 2022 could not be implemented as these are subjudice in the courts, the latest statement issued by FBR said.

On the back of such a nuisance, the target for the month of December could not be achieved which was Rs965bn.

FBR has also issued refunds of Rs176bn during the first half of the current financial year as against Rs149bn during the corresponding period of last year.

In a statement, the board has also appreciated all those taxpayers who contributed to this collection and recognizes the endeavors of all field formations and officers for their untiring efforts.

The revenue collection figures are clear indicators for the achievement of the assigned revenue targets for the current financial year, it added.

This unprecedented growth in tax revenues, especially direct taxes underscore the resolve of the government and FBR to make Pakistan a thriving nation.

FBR is hopeful that when import restrictions are eased and court cases come to a logical conclusion, the lost revenue will also be retrieved during the current fiscal year.

Copyright Mettis Link News