ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 2,041 billion during the first quarter of the current financial year against the assigned target of Rs1,978 billion, exceeding the target by Rs63 billion.

According to data of tax collection released by the FBR on Saturday, the FBR has also put in exceptional efforts to achieve revenue target for September 2023.

As against a target of Rs. 794 billion, the FBR was able to collect Rs. 834 billion, while refunds amounting to Rs. 37 billion were issued compared to Rs. 18 billion issued in September 2022.

Sept tax collection up by Rs20bn in 28 days

The FBR has collected Rs834 billion in September 2023 against Rs 688 billion in September 2022, showing an increase of Rs 146 billion.

The FBR has collected Rs. 2,041 billion during July-September (2023-24) against Rs 1,644 billion during the same period of 2022-23, reflecting an increase of Rs 370 billion.

However, severe import compression was witnessed during the month of September, 2023. During previous month, taxes at import stage were collected at Rs. 299 billion whereas during the current month, taxes at import stage were only Rs. 254 billion.

The FBR was able to make up the shortfall of Rs. 45 billion through domestic taxes especially direct taxes.

Team FBR has put in tremendous work. The sincerity and work ethic displayed by FBR officers and officials were exemplary.

Moreover, FBR is committed to not only achieving the assigned target for the coming months of the current financial year but also surpassing it, the FBR added.

Copyright Business Recorder, 2023