FBR exceeds Rs2.68 trillion revenue target in five months of FY23

FBR revenue target

Islamabad: A major development as the Federal Bureau of Revenue (FBR) Wednesday announced that it had exceeded its revenue target of Rs2.68 trillion in the first five months (July-November) of FY23.

The FBR also exceeded its monthly revenue target of Rs537 billion in November, with a net collection of Rs538.2 billion or an 11.5% increase compared to the revenue of Rs 480 billion for November 2021.

In a statement, the FBR said that it continued to demonstrate excellent performance in revenue for the fifth consecutive month of FY23 and had exceeded both the five-month target of Rs2.68 trillion as well as the monthly target of Rs537 billion “despite import compression and zero rating on POL products”.

It said that it collected Rs 2.69 trillion against Rs 2.33 trillion collected during the same period in FY22, recording an increase of over 15.3%. It went on to say that it also issued refunds to the tune of Rs135 billion against Rs124 billion issued last year.

According to the FBR, the provisional gross revenue collection was recorded as Rs2.823 trillion for the first five months against Rs2.454 trillion collected during the corresponding period of the previous fiscal year.

“Collection of direct tax registered maximum growth of 43%,” the statement said.

The FBR also recognized the endeavors of all field formations and officers for their untiring efforts and commitment to optimizing revenue collection in difficult times where sales tax collection on imports was showing negative growth.

However, it added that only in the area of income tax arrears, it collected Rs24.17 billion during the five-month period against Rs11.69 billion collected last year. During November alone, Rs8.98 billion was collected against the Rs6.65 billion collection of last year.

“The revenue collection trends during the first five months of the financial year augurs well towards the achievement of the assigned revenue targets for the current financial year. This unprecedented growth in tax revenues underscores the resolve of the Government and FBR to make Pakistan a prosperous nation,” the statement further stated.

Historic: FBR exceeds quarterly revenue target as it collects Rs1635B in first quarter of FY23