FBR meets 4th consecutive monthly revenue target in October

November 01, 2023 (MLN): The Federal Board of Revenue (FBR) achieved its revenue collection target for the fourth consecutive month in October with a total collection of Rs707 billion against the set target of Rs704bn, as per a press release issued by the FBR.

It is noteworthy that revenue collection has demonstrated a remarkable increase, with a 43% growth in domestic revenue and an overall growth of 37%.

During the period July to October 2023 (4MFY24), FBR collected Rs2,748bn (2022: 2,159bn) against assigned target of Rs2,682bn, thereby exceeding it by Rs66bn.

FBR has put in tremendous efforts to achieve revenue target for the month of October, 2023 as it has increase significantly as compared to Rs516bn collected in the same month last year.

At the same time, FBR also issued refunds amounting to Rs158bn during 4MFY24 as against Rs113bn refunded in the corresponding period of previous year.

Total returns filed up to 31st October, 2023 for tax year 2023 were 2.9 million approximately as against 2.57m filed in the corresponding period of previous year showing an increase of 330,000. 

Chairman FBR appreciated the exceptional effort, hard work, professionalism and dedication displayed by FBR officers and officials.

FBR is poised and determined to achieve assigned targets for coming months of the current financial year.

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