September 30, 2023 (MLN): The Federal Board of Revenue (FBR) has successfully surpassed the revenue target for the first quarter of FY24 by collecting Rs2.041 trillion tax revenues as against the set target of Rs1.977tr, as per a press release issued by the FBR.
Similarly, the FBR successfully achieved tax collection target for the month of September by collecting Rs834 billion against a target of Rs799bn, this is 21% YoY higher than the tax collector in September of last year.
While refunds amounting to Rs37bn in the month of September were issued compared to Rs18bn issued in the same month last year.
However, severe import compression was witnessed during the month.
During previous month, taxes at import stage were collected at Rs299bn whereas during the current month, taxes at import stage were only Rs254bn.
FBR was able to make up the shortfall of Rs45bn through domestic taxes especially direct taxes.
"Team FBR has put in tremendous work. The sincerity and work ethic displayed by FBR officers and officials were exemplary." it added.
Moreover, FBR said that it is committed to not only achieving the assigned target for the coming months of the current financial year but also surpassing it.
FBR has exhibited a promising first quarter for the financial year 2023-24 regarding revenue collection, by putting in an outstanding effort to achieve the tax targets despite all the economic headwinds faced by the country.
The government has projected a revenue collection target of Rs9.415 trillion 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.
