Thursday, 22 February 2024
FBR achieves growth in tax collections in the financial year

FBR achieves record growth in tax collections

FBR achieves record growth in tax collections

FBR achieves record growth in tax collections. Federal Board of Revenue has reported a record revenue collection performance in the first six months of the current financial year 2022-23.

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According to FBR:

  • It has collected Rs. 3428 billion for the first six months against Rs. 2929 billion collected in the same period of last year
  • which is an increase of 17%.
  • FBR collected Rs. 740 billion for the month of December 2022 against Rs. 599 billion in the same month last year
  • which is a growth of 24% as compared to the same month last year.

FBR also said that this increase is despite huge import compression and zero rating on petroleum.

Federal Board of Revenue (FBR) also reported:

  • Direct taxes collection has shown growth of 66% during the month of December 2022 compared to December 2021,
  • Direct taxes collection for the first six months has also growth of 49%.

FBR says that:, “This was achieved despite the fact that certain policy interventions having revenue impact of Rs. 250 billion introduced through Finance Act 2022 could not be implemented as these are subjudice in the courts. Target for the month of December was Rs. 965 billion which could not be achieved due to the aforementioned reason.

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Issuance of Income Tax Refunds

According to FBR:, “The revenue collection performance is also exceptional when viewed in the context that FBR has also issued refunds of Rs.176 billion during the first half of the current financial year as against Rs. 149 billion during corresponding period of last year.”

​​FBR also appreciated taxpayers who contributed to the economy. Moreover, FBR also appreciated officers and field formations who worked hard to achieve the revenue targets in this difficult time of the country.

FBR explained that:, “FBR hopes that when import restrictions are eased and court cases come to a logical conclusion, the lost revenue will also be retrieved during the current fiscal year.”

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