ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed the assigned revenue collection target of Rs 6,707 billion during July-March (2023-24) and collected Rs. 6,710 billion during this period.

Keeping in view current pace of revenue collection, the tax authorities are confident to meet the assigned revenue collection target of Rs 9.4 trillion for 2023-24.

“The tax machinery would meet the assigned tax collection target of Rs 9.4 trillion for 2023-24. In case of any shortfall, due to import compression in coming months, it would be overcome through domestic taxes especially direct taxes. However, there would be no mini-budget during the remaining period of 2023-24,” an official said.

March collection target too missed by FBR

According to the data released by the FBR on Sunday, at the end of the third quarter of current financial year, FBR has collected Rs. 6,710 billion against an assigned target of Rs. 6,707 billion for the first nine months, reflecting an increase of Rs 3 billion.

The FBR has paid refunds amounting to Rs. 369 billion during July-March (2023-24) as compared to Rs254 billion issued during the same period last year.

The FBR continues to register 30% growth in revenue collection as compared to the first nine months of previous financial year. During the month of March - 2024, FBR has collected the assigned target of Rs. 879 billion, and refunds amounting to Rs. 67 billion were issued as compared to Rs. 22 billion issued in March, 2023.

Copyright Business Recorder, 2024