ISLAMABAD: The Federal Board of Revenue (FBR) is confident to achieve the revenue collection target of Rs 2,683 billion set for the first four months (July-October) of 2023-24.

So far, the tax machinery had 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. It is learnt that the revenue collection target of Rs 705 billion has been projected for the month of October 2023.

Keeping in view current trend of collection, FBR officials are confident to achieve tax collection target of Rs 705 billion for October 2023. As against a target of Rs794 billion, the FBR was able to collect Rs 834 billion, while refunds amounting to Rs 37 billion were issued compared to Rs18 billion issued in September 2022.

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

The FBR has collected Rs2,041 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 Rs299 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.

Copyright Business Recorder, 2023