Rs66bn more than target: Jul-Oct provisional collection stands at Rs2.748trn

ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs2,748 billion during the first four months (July-October) 2023-24 against assigned target of Rs. 2,682 billion, exceeding the target by Rs. 66 billion.

The FBR has collected Rs707 billion in October 2023 as compared to the target of Rs 705 billion, reflecting an increase of Rs 2 billion.

According to the FBR, the board has achieved revenue collection target for the fourth consecutive month with 43% domestic and 37% overall growth.

FBR optimistic about Q1 revenue target

During the period July to October 2023, the FBR has collected Rs 2,748 billion against assigned target of Rs. 2,682 billion, thereby exceeding it by Rs. 66 billion.

The FBR has collected Rs 2,748 billion during July-October (2023-24) against Rs 2,159 billion in the same period of 2022-23, reflecting an increase of Rs 589 billion.

The FBR has put in tremendous efforts to achieve revenue target for the month of October, 2023. As against Rs. 516 billion collected in the month of October 2022, the FBR collected Rs707 billion during the month of October 2023.

At the same time, the FBR also issued refunds amounting to Rs. 158 billion during the first four months of 203-24 as against Rs. 113 billion refunded in the corresponding period of previous year.

Total returns filed up to October 31, 2023 for tax year 2023 were 2.9 million approximately as against 2.57 million filed in the corresponding period of previous year showing an increase of 330,000.

Chairman FBR appreciated the exceptional effort, hard work, professionalism and dedication displayed by FBR officers and officials. The FBR is poised and determined to achieve assigned targets for coming months of the current financial year.

Copyright Business Recorder, 2023