FBR exceeds revenue target by Rs4 billion in January; collects Rs537 billion

FBR revenue target

Islamabad: The Federal Board of Revenue (FBR) demonstrated a “commendable revenue collection performance” in January 2023 and exceeded the monthly revenue target of Rs533 billion by Rs4 billion.

According to provisional figures, FBR showed impressive revenue growth of 23% in January 2023 on a year-on-year basis by collecting Rs537 billion.

A statement said that the bureau collected Rs3.965 trillion in the first seven months (July – January) of FY23 against Rs3.367 trillion collected in the corresponding period of last year, depicting a growth of 18%.

FBR collects Rs3.43 trillion in six months of FY23; 17% increase YoY

It hoped that FBR was “committed” to meeting the annual budgetary target of Rs7.47 trillion for the current financial year despite economic challenges.

The statement said that during the first seven months of FY23, direct taxes collection grew at a “robust pace”, showing growth of 48%. It said that the expansion in direct taxes collection was “reflective of government’s policy of shifting the tax burden to wealthy and affluent segments of society”.

During the period under review, the growth in domestic taxes was 40% on a YoY basis. The contribution of domestic taxes has also increased from 50% last year to 59% during FY23.

Additionally, FBR did not stop short of taking care of exporters’ liquidity problems and issued refunds of Rs208 billion during the first seven months of this fiscal year as against Rs183 billion during the corresponding period of last year, which is 14 % more than the previous year’s issued refunds.