Islamabad, October 31, 2023 – The Federal Board of Revenue (FBR) has exceeded its revenue collection target for the first four months of the fiscal year 2023-24, amassing an impressive total of Rs 2.75 trillion.
This achievement reflects a commendable effort by the FBR in bolstering the country’s economic stability.
Official reports indicate that the FBR exceeded the assigned target by an impressive margin, collecting an additional Rs 66 billion against the set goal of Rs 2.68 trillion. This 27.28 percent increase in revenue collection for the first four months of the current fiscal year is a substantial improvement over the Rs 2.16 trillion collected during the corresponding period of the previous fiscal year.
In the month of October 2023 alone, the FBR achieved remarkable results by collecting Rs 707 billion, surpassing the October 2022 figure of Rs 516 billion by 37.28 percent. These figures signify a significant boost to the government’s fiscal resources.
Furthermore, the FBR has consistently met its revenue collection targets for the past four months, showcasing a 43 percent growth in domestic revenue and a 37 percent overall increase. During this period, the FBR also issued refunds totaling Rs 158 billion, a notable increase compared to the Rs 113 billion in refunds issued during the same period of the previous year.
In a sign of increased taxpayer participation, the FBR received approximately 2.9 million tax returns for the tax year 2023 by October 31, 2023. This represents a substantial increase from the 2.57 million returns filed during the corresponding period of the previous year, with a rise of 330,000 tax returns.
The Chairman of FBR, in recognition of the outstanding performance, expressed his appreciation for the hard work, professionalism, and dedication exhibited by FBR officers and officials. With this remarkable achievement, the FBR remains resolute in its determination to meet and exceed the assigned revenue targets for the current fiscal year, demonstrating the commitment to ensuring the nation’s fiscal stability and growth.
