At the end of the third quarter of current financial year, FBR has collected Rs. 6,710 billion against an assigned target of Rs. 6,707 billion for the first nine months whereas refunds amounting to Rs. 369 billion were issued as compared to Rs. 254 billion issued during the same period last year.
FBR continues to register 30% growth in revenue collection as compared to the first nine months of previous financial year. During the month of March – 2024, FBR has collected the assigned target of Rs. 879 billion, and refunds amounting to Rs. 67 billion were issued as compared to Rs. 22 billion issued in March, 2023. The FBR had provisionally collected record Rs 4,468 billion during first six months (July-December) 2023-24 against the assigned target of Rs 4,425 billion during this period, reflecting an increase of Rs 43 billion.
According to the revenue collection data released by the FBR earlier, the FBR has created history by collecting Rs 1,021 billion in December 2023 and after adjusting refunds of Rs 38 billion issued during the month, reached net collection of Rs 984 billion.
Targets for the month as well as for the first six months of the current financial year were also surpassed. Target for the first six months was Rs 4,425 billion (as agreed with IMF), which was surpassed by 43 billion and recorded collection of Rs 4,468 billion.
The FBR in the corresponding six months of the previous year collected Rs 3,428 billion, thus registering an increase of more than Rs 1 trillion. This is despite the fact that refunds of Rs 230 billion have been issued against Rs 177 billion issued during corresponding period of the previous year and continuous import compression.
The FBR said that the contraction in imports continues to impede revenues collected at the import stage. In the past the revenue mix at the import stage and domestic taxes used to be 50:50.
