FBR surpasses 1QFY23 tax collection target by Rs27bn

By MG News | October 01, 2022 at 12:50 AM GMT+05:00

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October 1, 2022 (MLN): The Federal Board of Revenue (FBR) surpassed the Rs1.61 trillion tax collection target for 1QFY23 by collecting Rs1.63tr during the period between July-September, provisional collection data released by the apex tax body showed late Friday night.

“The target of the first quarter of the current financial year has also been surpassed by achieving Rs1.635tr against the target of Rs1.61tr and the growth is more than 17% for the quarter. The FBR has collected Rs27 billion more than the target. These figures would further improve before the close of the day,” the FBR said in a press release.

The FBR has collected net revenue of Rs685bn during the month of September against the target of Rs684bn, 27% higher than the corresponding period last year.

This performance in revenue collection is despite zero rating of sales tax on POL products, import compression and the prevailing situation of floods. This impressive growth is primarily based on the 41% growth in direct taxes in the first quarter.

On the other hand, the amount of refunds went up by 35.5% to Rs84bn during the first quarter against Rs62bn in the first quarter of the last year.

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