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FBR’s tax collection exceeds targets, hits Rs 669 billion in August


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ISLAMABAD: The Federal Board of Revenue (FBR) has announced revenue collection figures for the second month of the current fiscal year, showing 35 percent increase year on year.

The provisional data released by the tax authority reveals that the revenue collection for August has reached Rs 669 billion, surpassing the target of Rs 649 billion by a substantial Rs20 billion.

The surge can primarily be attributed to heightened inflation due to elevated energy costs. In a statement issued by the FBR, an official also expressed confidence in meeting the annual revenue target.

In the initial two months of the fiscal year, the FBR managed to collect an impressive Rs 1,207 billion, surpassing the assigned target of Rs 1,183 billion by Rs 24 billion. This collection represents a substantial growth of 28.25 percent compared to the previous year’s collection of Rs 956 billion.

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The FBR also reported that sales tax refunds issued in August amounted to Rs42 billion, indicating a growth of Rs8 billion from the corresponding month of the previous year, where refunds stood at Rs38 billion.

The government has set an ambitious revenue collection target of Rs 9.415 trillion for the fiscal year 2023-24. This target is contingent upon projected economic growth of 3.5 percent, average inflation of 21 percent, and various other revenue-enhancing measures as well.

Details of tax categories show that Rs 488 billion was collected in income tax, Rs 473 billion in sales tax, Rs 166 billion in customs duty, and approximately Rs 80 billion in federal excise duty (FED).

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