What FBR achieved in the First Quarter of 2023

What FBR achieved in the First Quarter of 2023

Tax Year 2023 started in July 2022. Now, the first quarter of the tax year 2023 has ended as of September 2022. FBR recently released stats of what it has achieved in the first quarter of tax year 2023.

According to FBR the tax targets achievements are as Under:

• The Federal Board of Revenue (FBR) has collected Rs. 1.635 trillion during the first quarter (July-September) 2022-23
• The target was Rs. 1.609 trillion, reflecting a growth of 17 percent.
• FBR has collected Rs. 27 billion in excess of the target.
• The Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the month of September and the first quarter of the current financial year.
• FBR has collected net revenue of Rs. 685 billion during the month of September against the target of Rs. 684 billion
• It is 27 percent higher than the collection of September last year.

This performance in revenue collection is despite:

• zero rating of Sales Tax on POL products,
• import compression and the prevailing situation of floods.

This growth is based on:

• the 41% growth in direct taxes in the first quarter

Tax Refunds During the first Quarter

• the amount of refunds of Rs. 84 billion was disbursed by FBR during the first quarter
• against Rs. 62 billion in the first quarter of the last year which is 35.5 % higher.