ISLAMABAD: The Federal Board of Revenue (FBR) has crossed revenue collection figure of Rs2 trillion during the first four months (July-October 24) of 2022-2023.

According to an announcement of the FBR Monday night, the FBR has achieved yet another milestone Monday by crossing revenue collection figure of Rs2 trillion, a month earlier than last year.

Chairman FBR Asim Ahmad appreciated the performance of team FBR and expressed optimism to achieve the collection target set for fiscal year (2022-23), the FBR added.

Sources said that the target for the month of October 2022 has been set at Rs534 billion. The tax projections for the second quarter (October-December) 2022-23 has been estimated at Rs2,036.087 billion. In the first quarter of 2022-23, the FBR collected Rs1,635 billion and an addition of over Rs365 billion in the first 24 days of October enabled the FBR to cross Rs2 trillion mark till now.

Rs7.47trn target: 21.5pc growth in FY23 revenue collection required

The FBR has collected net revenue of Rs685 billion during the month of September against the target of Rs684 billion which is 27 per cent higher than the collection of September last year.

Similarly, the target of the first quarter of the current financial year was also surpassed by achieving Rs1,635 billion against the target of Rs1,609 billion and the growth is more than 17 per cent for the quarter. The FBR has collected Rs27 billion in excess of the target.

Copyright Business Recorder, 2022