FBR collects Rs2.69 trillion in 5MFY23 despite tax free petroleum products

FBR collects Rs2.69 trillion in 5MFY23 despite tax free petroleum products

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday announced to collect Rs2.69 trillion during first five months (July – November) 2022/2023 (5MFY23) surpassing revenue target for the period, despite no tax on petroleum products.

In a statement the FBR said that it had continued to demonstrate excellent performance in revenue collection for the fifth consecutive month of the current financial year and has exceeded both the five months target of Rs2.68 trillion as well as monthly target of Rs537 billion despite import compression and zero rating on POL products.

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As per provisional figures, Rs2.69 trillion has been collected against Rs 2.33 trillion collected during the corresponding period of the previous year, by recording an increase of over 15.3 per cent.

The FBR has also issued refunds to the tune of Rs135 billion as against Rs124 billion issued last year.

Provisional gross revenue collection is recorded as Rs2.82 trillion for the first five months as against Rs2.45 trillion collected during the corresponding period of the previous fiscal year. Collection of direct tax registered maximum growth of 43 per cent.

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The provisional net collection for the month of November, 2022 is Rs538.2 billion which shows an increase of more than 11.5 per cent over the collection of Rs 480 billion for November 2021.

The revenue body acknowledged the efforts of all field formations and officers for their untiring efforts and commitment to optimize revenue collection in difficult times where sales tax collection on imports is showing negative growth.

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Achievement of targets was made possible due to extraordinary steps taken in the areas of recoveries, monitoring and day to day vigilance.

Only in the area of Income Tax arrears, FBR collected Rs.24.17 billion during the five-month period as against Rs.11.69 billion collected last year.

During the month Rs.8.98 billion was collected against Rs.6.65 billion collected last year.

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

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