Islamabad August 31 2023: Pakistan Federal Bureau of Revenue (FBR) against all odds has displayed remarkable dedication in attaining the revenue goal for August 2023.
Contrary to the set target of PKR 649 Billion, the FBR successfully gathered a net revenue of PKR 669 Billion. Additionally, refunds totaling PKR 42 Billion were issued, in contrast to PKR 38 Billion in August 2022.
During the initial two months, the FBR amassed PKR 1,207 Billion, exceeding the designated target of PKR 1,183 Billion. Notably, the collection under the Income tax category soared to PKR 488 Billion from PKR 347 Billion in the same period, indicating a substantial 41 percent growth. Furthermore, the collection of sales tax experienced a healthy increase of 16 percent, surpassing PKR 473 Billion compared to PKR 407 Billion in July and August 2022. The collection of Federal Excise Duty (FED) also exhibited a significant uptick of 57 percent, amounting to nearly PKR 80 Billion. Impressively, the cumulative growth for Inland Revenue taxes reached 29 percent.
However, the upward trajectory could not be sustained on the import front due to a reduction in imports. This had a notable impact on the collection of Customs duties, which amounted to PKR 166 Billion in contrast to PKR 151 Billion in July and August 2022, representing a growth rate of 10 percent.
The FBR team remains resolute in not only meeting but surpassing the upcoming year's assigned targets.
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