The Federal Board of Revenue (FBR) surpassed the revenue collection target for the first quarter of the current fiscal year by Rs. 63 billion.

According to details issued by FBR, the tax collection for the first quarter of the current fiscal year came in at Rs. 2,041 billion against the assigned target of Rs. 1,978 billion, exceeding the target by Rs. 63 billion.

For September, the FBR collected Rs. 834 billion against a target of Rs. 794 billion while refunds amounting to Rs. 37 billion were issued compared to Rs. 18 billion issued in September 2022.

FBR said that severe import compression was witnessed during September 2023. During the previous month, taxes collected at the import stage stood at Rs. 299 billion whereas during the current month taxes at the import stage were only Rs. 254 billion. However, FBR was able to make up the shortfall of Rs. 45 billion through domestic taxes, especially direct taxes.

The state by FBR further added that it is committed to not only achieving the assigned target for the coming months of the current financial year but also surpassing it.

Source: Pro Pakistani