Islamabad, September 30, 2023 – Pakistan has exceeded its tax collection target for the first quarter of fiscal year 2023-24, with the Federal Board of Revenue (FBR) successfully collecting Rs 2.04 trillion during this period.
In a statement released on Saturday, the FBR, Pakistan’s national apex tax collection agency, reported that it had collected a total of Rs. 2,041 billion from July to September 2023, surpassing the assigned target of Rs 1.978 trillion by approximately Rs 63 billion.
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The FBR demonstrated exceptional performance by achieving over 24 percent growth in tax collection for the quarter compared to the Rs 1.644 trillion collected during the corresponding quarter of the previous fiscal year.
Notably, the FBR made significant efforts to meet the revenue target for September 2023. Despite having a target of Rs. 794 billion for the month, the FBR successfully collected Rs. 834 billion, a substantial increase from the Rs 688 billion collected in the same month the previous year. Additionally, the FBR issued refunds totaling Rs 37 billion in September 2023, compared to Rs 18 billion issued in September 2022.
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However, it’s important to note that September 2023 witnessed a notable reduction in imports, resulting in lower tax collection at the import stage. While taxes collected at the import stage amounted to Rs 299 billion in the previous month, they decreased to Rs 254 billion in September 2023. The FBR managed to compensate for this Rs. 45 billion shortfall through domestic taxes, particularly direct taxes.
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The FBR’s dedicated team has worked tirelessly, with officers and officials displaying exemplary sincerity and work ethic. The FBR is committed not only to achieving but also surpassing the assigned revenue targets for the remaining months of the current financial year, reaffirming its commitment to the nation’s fiscal stability and growth.
