ISLAMABAD: The Federal Board of Revenue (FBR) has outperformed expectations by collecting Rs2,041 billion in the first quarter of the current fiscal year, surpassing the designated target of Rs1,978 billion by Rs63 billion.
A press release issued on Saturday highlighted that the FBR made significant efforts to achieve its revenue target for September 2023. In contrast to the Rs794 billion target, the FBR successfully collected Rs834 billion in September, while refunds of Rs37 billion were issued, compared to the Rs18 billion issued in September 2022.
However, there was a noticeable reduction in imports during September 2023. Tax collection at the import stage in the previous month amounted to Rs299 billion, but in the current month, it was only Rs254 billion. To compensate for this Rs45 billion shortfall, the FBR relied on domestic taxes, particularly direct taxes.
The FBR's dedicated team has made commendable efforts to achieve these results.
