ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs538 billion during July 2023 against the assigned monthly target of Rs534 billion, reflecting an increase of Rs4 billion.

According to the provisional information released by the FBR on Tuesday, total tax collection in July 2023 amounted to Rs538 billion against Rs458 billion during July 2022, reflecting a growth of 16.6 percent.

The FBR stated that amid all the economic challenges faced by the country, FBR has successfully surpassed the revenue target for the month of July 2023 and has even shown a robust 16.6 percent growth as compared to the corresponding month of last year. As against the set target of Rs534 billion, net revenue of Rs538 billion has been collected, despite issuance of refunds amounting to Rs49 billion.

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Direct taxes continue to show a remarkable growth of 30% during the current month. Inland Revenue Taxes has shown a healthy growth of 18% as compared to last July and FBR team is optimistic with regards to sustaining this growth pattern for rest of the year.

FBR has exhibited a promising start for financial year 2023-24 regarding the revenue collection, by putting in an outstanding effort to achieve the monthly tax target despite all the economic headwinds faced by the country. The performance of FBR amidst the current financial and economic turmoil, portrays the unwavering dedication of the tax officials to achieve the assigned target for the current year, FBR added.

Copyright Business Recorder, 2023