ISLAMABAD: Federal Board of Revenue (FBR) has achieved only 77 per cent of assigned tax collection target for the month of December 2022, according to an official statement issued on Saturday.
FBR, the Pakistan apex revenue collecting agents, was assigned a target of Rs965 billion for the month of December 2022. However, the revenue body could collect only Rs740 billion in the month under review.
However, the collection for the month of December 2022 is 24 per cent higher when compared with Rs 599 billion in the same month last year.
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“This performance is despite huge import compression and zero rating on petroleum,” the FBR added.
The apex revenue collection agency claimed that it had demonstrated a remarkable revenue collection performance in the first half (July – December) of fiscal year 2022-2023 and collected Rs 3.428 trillion against Rs 2.929 trillion collected in the corresponding period of last year, depicting an increase of 17 per cent.
Direct taxes collection continues to grow at a robust pace, which has shown growth of 66 per cent during the month of December 2022 compared to December 2021, a clear indicator of the policy of shifting tax burden on wealthy and affluent.
Direct taxes collection for the first six months has also registered an unprecedented growth of 49 per cent.
This was achieved despite the fact that certain policy interventions having revenue impact of Rs 250 billion introduced through Finance Act 2022 could not be implemented as these are subjudice in the courts.
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The revenue collection performance is also exceptional when viewed in the context that FBR has also issued refunds of Rs.176 billion during the first half of the current financial year as against Rs. 149 billion during corresponding period of last year.
FBR also appreciates all those taxpayers who contributed to this collection and recognizes the endeavors of all field formations and officers for their untiring efforts and commitment to optimize revenue collection in difficult times where taxes on imports have been showing negative growth.
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The revenue collection figures are clear indicators for the achievement of the assigned revenue targets for current financial year. This unprecedented growth in tax revenues, especially direct taxes underscore the resolve of the Government and FBR to make Pakistan a thriving nation.
FBR hopes that when import restrictions are eased and court cases come to a logical conclusion, the lost revenue will also be retrieved during the current fiscal year.
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