ISLAMABAD: The Federal Board of Revenue (FBR) has released the details of revenue collection of two months of current financial year.

According to FBR officials, the tax revenue in the first two months of the current financial year exceeded the target of Rs 593 billion as against the target of Rs 551 in July and August.

FBR spokesperson stated that the FBR achieved a surplus of Rs 42 billion in the first two months target, up from Rs 582 billion in July-August last year, which is 108 per cent of the set revenue target. In July and August last year, Rs 582 billion was collected, which has increased to Rs 593 billion this year.

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Refunds of Rs 30.6 billion were issued in July and August to alleviate the economic woes of the business community due to the Corona epidemic, which was Rs 11 billion last year. Sales tax refunds are also under the central and automated fast system They are being released within 72 hours as promised by the government.

The spokesman said the FBR was also working to address the concerns of those involved in the trade.