FBR Exceeds February Tax Collection Target by Rs. 300 Million
According to the revised data that the Federal Board of Revenue (FBR) provided on Wednesday, the FBR exceeded the set revenue collection target of Rs. 527 billion during the month of February 2023.
The tax system once again displayed excellent revenue collection performance during February 2023, according to the information provided by the FBR, despite the challenging economic environment.
Provisional estimates show that FBR collected Rs. 527.3 billion in February 2023 as opposed to the target of Rs. 527 billion, representing an increase of 16.3% from the same month in the previous year.
In total, FBR has collected Rs. 4,493 billion in the first eight months of the current fiscal year compared to Rs. 3,820 billion in the same period last year, representing an increase of 18% year over year. The third quarter of the current fiscal year saw FBR continue to perform admirably, demonstrating its unshakable commitment to meeting the revised upward annual budgetary target of Rs. 7,641 billion despite difficult economic conditions.
According to preliminary data, the government’s policy of making taxation progressive and equitable by shifting the tax burden towards society’s wealthy and affluent segments resulted in direct tax collection growing at a robust pace of 47% during the first eight months of the current financial year.
The FBR’s administrative and enforcement actions are largely to blame for the steady increase in direct taxes, especially those derived from domestic sources. Indicating the efficacy of policies intended to lessen reliance on import charges and taxes, the share of domestic taxes has climbed from 49.4% last year to 58.7% this year.
The fact that the amount collected from customs duty increased by 2% in February 2023 compared to the same month the previous year is also notable. By releasing Rs. 235 billion in refunds during the first eight months of the current financial year as opposed to Rs. 198 billion during the same period last year—a 19% rise year over year—FBR has also stayed on top of meeting exporters’ liquidity needs.
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