FBR hits monthly and 9-month targets despite issuing unprecedented refunds

April 01, 2024 (MLN): At the end of the third quarter of the current financial year, the Federal Board of Revenue (FBR) has collected Rs6.71 trillion against an assigned target of Rs6.7tr for the first nine months whereas, refunds amounting to Rs369 billion were issued as compared to Rs254bn issued during the same period last year, according to the press statement issued by FBR. 

FBR continues to register a 30% growth in revenue collection as compared to the first nine months of the previous financial year, it added. 

During March 2024, FBR collected the assigned target of Rs879bn, and refunds amounting to Rs67bn were issued as compared to Rs22bn issued in March 2023, it further informed. 

It is worth highlighting here that the International Monetary Fund (IMF) had given a target of Rs835bn to be collected in March 2024.

To bridge this gap, banks have been authorized to open on Saturdays and Sundays in an expectation to catch up with the difference between the collected amount and the target.

To recall, the central bank on Thursday extended banking hours till 4:00 pm on Saturday, March 30, 2024, and Sunday, March 31, 2024, for collection of taxes through Alternate Delivery Channels (ADC’s) Over-the-Counter facilities.

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