FBR surpasses first quarter collection target by Rs27 billion

FBR surpasses first quarter collection target by Rs27 billion

ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed the revenue collection target assigned for July – September 2022-2023 by Rs27 billion.

The FBR in a statement issued on Friday stated that the target of the first quarter of the current financial year has also been surpassed by achieving Rs1635 billion against the target of Rs1609 billion and the growth is more than 17 per cent for the quarter. FBR has collected Rs27 billion in excess of the target.

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These figures would further improve before the close of the day, the FBR said.

The FBR released the provisional revenue collection figures for the month of September and the first quarter of the current financial year.

The revenue body collected net revenue of Rs685 billion during the month of September against the target of Rs684 billion which is 27 per cent higher than the collection of September last year.

This performance in revenue collection is despite zero rating of Sales Tax on POL products, import compression and the prevailing situation of floods.

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This impressive growth is primarily based on the 41 per cent growth in direct taxes in the first quarter which is in line with the policy of the government to tax the rich and affluent.

The revenue performance is reflective of robust revenue mobilization strategy of FBR and effective enforcement by the field formations.

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On the other hand, the amount of refunds of Rs84 billion disbursed during the first quarter against Rs62 billion in the first quarter of the last year which is 35.5 per cent higher.

FBR expresses its profound gratitude to all the taxpayers who have made possible this remarkable record collection during the first quarter of the year.

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