The Federal Board of Revenue (FBR) has surpassed the revenue target by Rs20 billion as against the projected target of Rs649 billion for the second month of the current fiscal year.
The net revenue collection reached at Rs669 billion in August 2023, showing a growth of 35 percent, said a press release issued on Thursday.
Despite all odds, FBR has put in tremendous efforts to achieve the revenue target for the month of August-2023. FBR paid Rs 42 billion in refunds during the month under review as against Rs 38 billion in August 2022.
For the first two months, FBR has collected Rs.1,207 billion against assigned target of Rs. 1,183 billion.
Similarly, FBR collected Rs488 billion under the head of Income tax compared to Rs347 billion in the same period, showing an increase of 41 percent. A healthy growth of 16 percent was achieved in the collection of sales tax with collection surpassing Rs473 billion as against Rs407 billion in July and August 2022.
Almost Rs80 billion were collected as Federal Excise Duty (FED) showing an increase of 57 percent whereas cumulative growth of 29 percent 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 Rs166 billion was collected as against Rs151 billion in July and August 2022 with growth of 10 percent.
Team FBR is dedicated to not only achieve the assigned target but surpass them for the year ahead.