The Federal Board of Revenue (FBR) earned net revenue of Rs. 669 billion in August 2023, exceeding the monthly target of Rs. 649 billion by Rs. 20 billion.
FBR earned net revenue of Rs. 669 billion
Refunds totaling Rs. 42 billion were issued in August 2023, 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
FBR has collected Rs. 1,207 billion in the first two months, compared to the given objective of Rs. 1,183 billion.
The FBR collected Rs. 488 billion in income tax in the first two months of 2023, compared to Rs. 347 billion in the same time last year, a 41 percent increase.
Sales tax collection increased by 16 percent, topping Rs. 473 billion in July and August 2022, compared to Rs. 407 billion in July and August 2022.
Sales tax collection increased by 16%
FED collected about Rs. 80 billion, representing a 57 percent increase. The collection of Inland Revenue taxes has increased by 29 percent overall.
However, due to import compression, the same momentum could not be maintained on the import side.
This had an effect on the collection of Customs Duties, which increased by 10% to Rs. 166 billion in July and August 2022 from Rs. 151 billion.
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