In a press release issued on Thursday, the Federal Board of Revenue (FBR) announced that it has successfully collected Rs669 billion in net revenue in August 2023, marking a commendable growth rate of 35 percent.
Despite facing various challenges, the FBR has demonstrated tremendous efforts in meeting and exceeding the revenue target for the month of August 2023. Notably, the FBR also disbursed Rs42 billion in refunds during the same period, compared to Rs38 billion in August 2022, highlighting its commitment to address taxpayer concerns and ensure timely refunds.
Over the course of the first two months, the FBR has collected a total of Rs1,207 billion, surpassing its assigned target of Rs1,183 billion. This achievement showcases the FBR’s determination to enhance revenue generation and contribute towards the country’s economic growth.
Income tax collection has significantly increased, reaching Rs488 billion, a growth of 41 percent when compared to the previous year’s collection of Rs347 billion during the same period. Additionally, sales tax collection witnessed a healthy growth of 16 percent, surpassing Rs473 billion in comparison to Rs407 billion collected in July and August 2022.
Federal Excise Duty (FED) collection stood at approximately Rs80 billion, indicating a notable growth of 57 percent. Furthermore, the FBR achieved a cumulative growth of 29 percent in the collection of Inland Revenue taxes.
However, due to a decline in imports, the momentum could not be maintained on the imports side. This resulted in the collection of Customs duties reaching Rs166 billion, a 10 percent increase compared to Rs151 billion collected in July and August 2022.
The dedicated team at the FBR remains committed not only to achieving but surpassing the assigned targets for the upcoming year. Through their relentless efforts, the FBR aims to promote compliance, facilitate taxpayers, and contribute towards the economic stability and prosperity of the nation.