FBR achieves its August tax collection target by Rs. 20 billion

• The FBR achieved a net revenue of Rs. 669 billion, exceeding the monthly target of Rs. 649 billion.
• In August 2023, the FBR gathered Rs. 42 billion in refunds, up from Rs. 38 billion in August 2022.
• Income tax collection increased by 41% to Rs. 488 billion in the first two months of 2023.

In August 2023, the Federal Board of Revenue (FBR) gathered a net revenue of Rs. 669 billion, surpassing the monthly target of Rs. 649 billion by Rs. 20 billion.

In August 2023, refunds totaling Rs. 42 billion were issued, compared to Rs. 38 billion in August 2022.

FBR achieves its August-23 target by collecting Rs.669 Billion against Rs.494 Billion collected in Aug-22, registering an unprecedented growth of 35.4%.Target for the 2nd consecutive month alongwith other structural and indicative benchmarks of Standby Arrangement were also met.

— FBR (@FBRSpokesperson) August 31, 2023

In the initial two months, the FBR has amassed Rs. 1,207 billion, surpassing the designated target of Rs. 1,183 billion. Specifically, the FBR collected Rs. 488 billion as income tax during the first two months of 2023, marking a growth of 41 percent from the Rs. 347 billion collected in the same period last year.

Sales tax collection experienced a robust 16 percent growth, reaching over Rs. 473 billion compared to Rs. 407 billion in July and August 2022. Federal Excise Duty (FED) collection also showed significant progress, with nearly Rs. 80 billion collected, marking a 57 percent increase. Furthermore, the cumulative growth in Inland Revenue tax collection has reached 29 percent.

However, in terms of imports, the same level of progress could not be sustained due to a decrease in imports. This had an effect on the collection of customs duties, which amounted to Rs. 166 billion compared to Rs. 151 billion in July and August 2022, reflecting a growth of 10 percent.

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