ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs4,493 billion in the first eight months of the current fiscal year against the assigned target of Rs4,733 billion for July-Feb (2022-23), reflecting a shortfall of Rs240 billion.

After the imposition of taxes of Rs 170 billion in the mini-budget, the new annual tax target of the FBR has been fixed at Rs7.640 trillion. The FBR was required to adjust its monthly target for the remaining period of Feb-June (2022-23), but the Feb target was based on old projection of Rs 7.47 trillion.

If the additional taxes of Rs 170 billion have been added to the annual target of Rs 7.47 trillion, the overall shortfall would further increase to Rs 410 billion in the remaining period of 2022-23, sources said.

FBR surpasses Feb revenue collection target

According to provisional figures, the FBR collected Rs527.3 billion in February 2023 against the target of Rs527 billion, reflecting an increase of Rs 0.3 billion.

The FBR has collected Rs4,493 billion during July-Feb (2022-23) against Rs3,820 billion collected in the same period of 2021-22, showing a growth of 18 percent.

As per the provisional data, direct tax collection showed an increase of 47 percent during the first eight months of the current financial year

The contribution of domestic taxes has increased from 49.4 percent last year to 58.7 percent during the current year.

The collection from customs duty has shown an increase of 2 percent during February 2023 compared to the same month last year.

Copyright Business Recorder, 2023