Islamabad, August 1, 2023 – The Federal Board of Revenue (FBR) has achieved remarkable success by surpassing the revenue collection target for July 2023, thanks to the implementation of new tax measures that came into effect at the beginning of the month.
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In a statement issued today, the FBR proudly announced that despite facing numerous economic challenges, it managed to exceed the set revenue target for July 2023 with a robust growth of 16.6 percent compared to the same month last year. The net revenue collected during July amounted to Rs. 538 billion, comfortably surpassing the target of Rs. 534 billion. This achievement was accomplished despite the issuance of refunds amounting to Rs. 49 billion.
The government had introduced harsh tax measures through the budget 2023-24, which were implemented on July 1, 2023, with the primary objective of boosting revenue collection and addressing the country’s financial challenges.
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One of the standout highlights of the revenue collection performance was the remarkable growth in direct taxes, which surged by an impressive 30% during the current month. Inland Revenue Taxes also showed a healthy growth of 18% compared to the same period last year. The FBR remains optimistic about sustaining this growth pattern throughout the rest of the fiscal year.
The success of the FBR in meeting the monthly tax target for July 2023 amidst the ongoing financial and economic turmoil is a testament to the unwavering dedication and relentless efforts of the tax officials. Despite the prevailing economic headwinds faced by the country, the FBR has displayed a promising start for the financial year 2023-24, setting a positive tone for the rest of the year.
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The revenue collection achievement signifies the commitment of the FBR in ensuring a stable economic environment and bolstering the country’s fiscal position. It reflects the efficiency and resilience of the FBR team in implementing the new tax measures and underscores their determination to achieve the assigned targets for the current fiscal year.
As the financial year progresses, the FBR’s success in meeting revenue targets will continue to be closely monitored, given the importance of sustaining this positive growth trajectory for the country’s economic stability and development.
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