Federal Board of Revenue (FBR) has surpassed its tax collection goal of PKR 533 billi

[LRE-Azan]

Federal Board of Revenue (FBR) has surpassed its tax collection goal of PKR 533 billion by PKR 4 billion in January 2023

Islamabad: The Federal Board of Revenue (FBR) has surpassed its tax collection goal of PKR 533 billion by PKR 4 billion in January 2023, news sources reported on February 8.

With preliminary FBR tax January figures showing a collection of PKR 537 billion, the FBR has shown an increase of 23% from the same month last year. According to a statement from the FBR, direct tax collection rose by 48% in the first seven months of the current fiscal year. Comparatively, FBR has collected PKR 3,965 billion overall in the first seven months (July-January) of the current financial year, up from PKR 3,367 billion in the same period last year, representing an 18% YoY growth. Additionally, domestic taxes saw a 40% increase in growth over the same time period, increasing their contribution from 50% to 59%.

The authority claimed that in order to increase tax collection, the FBR addressed the liquidity issues of exporters by issuing refunds totaling PKR 208 billion during the first seven months of the current financial year, a 14% increase over the same period last year.

It is important to note that the FBR is still short of PKR 214 billion, or 5.12%, of the tax target for the first seven months. The FBR is expected to issue new tax measures on February 9 following the 9th International Monetary Fund (IMF) review. FBR is expected to collect PKR 7.4 trillion during the current fiscal year 2022-23.