August 31, 2023 (MLN): The Federal Board of Revenue (FBR) has successfully surpassed the revenue target for the second consecutive month in August FY24 by collecting Rs669 billion tax revenues as against the set target of Rs649bn, said a press statement issued by FBR today.
Despite all odds, FBR has put in tremendous efforts to achieve the revenue target for the month of August 2023.
While refunds amounting to Rs42bn were issued as against Rs38bn in August 2022.
For the first two months, FBR has collected Rs1.207 trillion against assigned target of Rs1.183tr.
FBR collected Rs488bn under the head of Income tax compared to Rs347bn in the same period, thereby showing a growth of 41%.
A healthy growth of 16% was achieved in the collection of sales tax with collection surpassing Rs473bn as against Rs407bn in July and August 2022.
Almost Rs80bn were collected as FED showing an increase of 57%.
Cumulative growth of 29% has been achieved in the collection of Inland Revenue taxes.
On the imports side however, same momentum could not be maintained due to compression in imports.
This has impacted collection of Customs duties where Rs166bn was collected as against Rs151bn in July and August 2022 with growth of 10%.
The government has projected a revenue collection target of Rs9.415tr 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.
