“In August 2023, Islamabad saw the Federal Board of Revenue (FBR) exceed its revenue target by Rs20 billion, surpassing the projected goal of Rs649 billion for the second month of the current fiscal year, according to ARY News.
A press release issued on Thursday announced that the net revenue collection for the month reached Rs669 billion, marking an impressive 35 percent growth. Despite facing various challenges, the FBR demonstrated remarkable dedication in achieving its revenue target for August 2023. During this period, the FBR disbursed Rs42 billion in refunds, compared to Rs38 billion in August 2022.
For the first two months of the fiscal year, the FBR successfully collected Rs1,207 billion, surpassing the assigned target of Rs1,183 billion. Likewise, the FBR reported a significant increase of 41 percent in the collection of Income Tax, amassing Rs488 billion compared to Rs347 billion in the same period the previous year. Sales tax also experienced healthy growth, with a 16 percent increase, as collections exceeded Rs473 billion compared to Rs407 billion in July and August 2022.
Federal Excise Duty (FED) collections reached nearly Rs80 billion, reflecting a remarkable 57 percent increase, while the cumulative collection of Inland Revenue taxes showed a growth of 29 percent.
However, on the imports front, the FBR faced challenges as the momentum couldn’t be sustained due to reduced imports. Consequently, Customs duties saw a 10 percent growth, with collections totaling Rs166 billion as opposed to Rs151 billion in July and August 2022.
The FBR team remains dedicated to not only meeting but surpassing the assigned targets for the upcoming year.”