ISLAMABAD: The Federal Board of Revenue (FBR) has collected net revenue of PKR 489 billion against the target of PKR 483 billion.
According to provisional information released on Wednesday, FBR has collected net revenue of PKR 489 billion during August 2022, which has exceeded the target of PKR 483 billion against PKR 448 billion collected during the same period last year.
These figures will further improve after the book adjustments have been taken into account and these collections are the highest ever in the month of August, the revenue board said in a statement.
According to FBR, the performance is a reflection of FBR’s resolve to build on its growth trajectory despite floods, zero rating on POL products, and import compression.
On the other hand, the gross collection increased from PKR 462 billion during August last year to PKR 526 billion, showing an increase of 14%.
Likewise, the amount of refunds disbursed during August was PKR 37 billion compared to PKR 14.3 billion paid last year, showing an increase of 161%.
According to a statement released by the financial watchdog, the significant revenue increase in August is largely the outcome of various policy and revenue measures introduced by the government in Finance Act 2022. It said that unlike in the past, there is a visible focus on taxing the rich and affluent. Owing to this paradigm shift, the growth in domestic income tax is almost 38% which is a remarkable shift towards direct taxation. Likewise, there is a significant upsurge in advance tax collected during August, which is a 72% increase from the corresponding period of the previous year.
Provisional collection of income tax, sales tax, federal excise and customs duty were respectively PKR165 billion, PKR 218 billion, PKR24 billion and PKR 82 billion as against PKR 124 billion, PKR 223 billion, PKR 23 billion and Rs.77 billion during the corresponding period of the previous year. Total taxes collected during July and August stands at PKR 948 billion against the target of PKR926 billion.