ISLAMABAD: In pursuit of mammoth revenue target of Rs7.64 trillion, the Federal Board of Revenue (FBR) will squeeze taxpayers during four months (March – June) to generate Rs3.15 trillion.
According to latest data, the FBR collected Rs4.493 trillion during first eight months (July – February) 2022-2023 as compared with Rs3.82 trillion in the corresponding months of the last fiscal year, showing a growth of 18 per cent.
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The FBR said that it continued to show impressive performance during the third quarter of the current financial year which displays its unwavering commitment towards achieving the revised upward annual budgetary target of Rs7.64 trillion despite economic challenges.
It further said that it had once again demonstrated great revenue collection performance during February 2023, despite difficult economic situation.
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According to provisional figures, FBR collected Rs527.3 billion against the target of Rs527 billion during the month of February 2023, exhibiting a growth of 16.3 per cent compared to the same month last year.
As per the provisional data, direct tax collection grew at a robust pace of 47 per cent during the first eight months of the current financial year which is reflective of Government’s policy of making taxation progressive and equitable through shifting tax burden towards society’s wealthy and affluent segments.
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This consistent growth in direct taxes, particularly those from domestic sources, is, in large part, due to administrative and enforcement measures of the FBR. The contribution of domestic taxes has increased from 49.4 per cent last year to 58.7 per cent during the current year, pointing towards the success of policies aimed at reducing reliance on import duties and taxes.
Furthermore, it is also significant that the collection from Customs Duty has shown an increase of 2 per cent during the month of February 2023 compared to the same month last year. FBR has also stayed on top of addressing exporters’ liquidity needs through issuance of Rs235 billion in refunds during the first eight months of the current financial year as against Rs.198 billion during corresponding period of last year-a year-over-year increase of 19 per cent.
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FBR sincerely appreciates all those taxpayers who diligently fulfilled their national duty of paying due taxes. This would go a long way in achieving the budgetary target and also lauds the endeavors of all field formations and its officers for their untiring efforts and commitment to optimize revenue collection in challenging economic situation. This growth in tax revenues, especially direct taxes, underscores the resolve of the Government and FBR to make Pakistan a thriving, resilient and self-reliant nation which has the will and capacity to withstand the current economic challenges.
