FBR achieves tax targets by taking advances from major businesses

ISLAMABAD: The Federal Board of Revenue (FBR) has successfully met its nine-month tax revenue target of Rs6707 billion.

As per FBR data, by the end of the third quarter of the current financial year, the FBR has collected Rs6,710 billion, surpassing the target of Rs6,707 billion for the first nine months. Additionally, refunds totaling Rs369 billion were issued, compared to Rs254 billion during the same period last year.

The FBR has maintained a consistent 30 per cent growth in revenue collection compared to the first nine months of the previous financial year. In March 2024 alone, the FBR collected the assigned target of Rs879 billion, with refunds amounting to Rs67 billion, a significant increase from the Rs22 billion issued in March 2023.

Sources said that the FBR has obtained substantial advances from major companies, banks and business communities to meet monthly and nine-month revenue targets. This strategy has been ongoing for several months, with advances taken from companies in January and February of the current year.

Meanwhile, most regional tax offices, including RTO Rawalpindi, have met their targets.

In an exceptional display of fiscal prowess, the Regional Tax Office (RTO) in Rawalpindi has not only met but surpassed its budgetary targets for March 2024, as well as its quarterly goals for the period from January to March 2024.

The RTO Rawalpindi has exceeded revenue collection expectations for March 2024 and the quarterly target for January to March 2024. This outstanding performance underscores the proactive approach and diligent efforts of tax officials.

Chief Commissioner Inland Revenue Tehmina Aamer, commended the dedication and professionalism of the officers and officials of RTO Rawalpindi, attributing the consistent achievement of targets to their hard work. She expressed confidence that the overall annual target for the financial year 2023-24 would also be met, thanks to the continued commitment of the team.