Islamabad, July 8, 2023 – The Federal Board of Revenue (FBR) has reportedly achieved its revenue collection target of Rs7.2 trillion for the fiscal year 2022-23, according to sources.
By June 30, 2023, the FBR had provisionally collected approximately Rs7.176 trillion. However, the agency is currently awaiting book adjustments from the federal and provincial accountant generals.
READ MORE: Tax Rate on Construction Services in Islamabad Set at 15 Percent
Sources revealed that the FBR is hopeful of receiving around Rs30 billion through these adjustments, which would contribute to achieving the target. Initially, the FBR was assigned a target of Rs7.47 trillion for the fiscal year 2022-23. However, due to challenging economic conditions, the revenue board revised the target downward to Rs7.2 trillion.
Throughout the fiscal year 2022-23, the FBR faced numerous challenges in revenue collection, primarily stemming from a slowdown in economic growth and restrictions imposed on imports. These difficulties significantly hampered the agency’s efforts to collect revenue. Nevertheless, in February 2023, the government introduced a mini-budget to generate substantial revenue during the remaining months of the fiscal year.
READ MORE: LTO Karachi Surpasses FY23 Target, Collects Nearly Rs2 Trillion Amid Economic Challenges
The achievement of the Rs7.2 trillion collection target is a significant milestone for the FBR, considering the obstacles it encountered. The agency’s relentless pursuit of revenue generation, coupled with the government’s policy measures, has apparently contributed to this accomplishment.
The FBR’s successful attainment of the revenue collection target is expected to have a positive impact on the country’s economic stability and the government’s ability to finance its development initiatives. It demonstrates the agency’s commitment to meeting its fiscal responsibilities despite adverse circumstances.
READ MORE: Pakistan Retains Higher Sales Tax Rate at 18% for 2023-24 and Onwards
As the FBR awaits the final book adjustments, stakeholders eagerly anticipate the official confirmation of the achievement and the subsequent impact on the national economy. The revenue generated will play a vital role in supporting the government’s ongoing efforts to spur economic growth and address the country’s financial challenges.
