Islamabad, August 31, 2023 – The Federal Board of Revenue (FBR) has defied the odds and delivered a commendable performance in achieving its revenue target for August 2023.
Despite various challenges, FBR’s relentless efforts have paid off, with collections exceeding expectations.
Against a target of Rs. 649 billion, FBR managed to collect an impressive Rs. 669 billion in net revenue for the month of August. Furthermore, refunds totaling Rs. 42 billion were issued, compared to Rs. 38 billion in the same month in 2022.
For the first two months of the fiscal year, FBR has accumulated Rs. 1,207 billion in revenue, surpassing the assigned target of Rs. 1,183 billion. This achievement highlights FBR’s dedication and effectiveness in revenue collection.
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Income tax collection has seen remarkable growth, with Rs. 488 billion collected in the first two months compared to Rs. 347 billion during the same period last year, marking a substantial 41% increase. Similarly, sales tax collection has demonstrated a healthy 16% growth, with collections exceeding Rs. 473 billion, compared to Rs. 407 billion in July and August 2022.
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Federal Excise Duty (FED) collections have surged, totaling almost Rs. 80 billion and showing an impressive 57% increase. A cumulative growth of 29% has been achieved in the collection of Inland Revenue taxes.
However, on the imports front, maintaining the same momentum has proven challenging due to a contraction in imports. This has impacted the collection of customs duties, with Rs. 166 billion collected compared to Rs. 151 billion in July and August 2022, representing a growth rate of 10%.
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The FBR team’s dedication is evident in their commitment not only to achieve assigned targets but also to surpass them in the coming year. This robust performance bodes well for Pakistan’s fiscal stability and economic growth as the FBR plays a crucial role in funding essential public services and development initiatives.
