ISLAMABAD: Federal Board of Revenue has surpassed August revenue target by Rs 20 billion.
As per the details, FBR has achieved Rs 669 billion net revenue against the target of Rs. 649 billion in August.
FBR has collected Rs 1,207 Billion against an assigned target of Rs 1,183 billion for the first two months.
Meanwhile, FBR has also issued Rs. 42 billion refunds in August 2023 as against Rs. 38 billion in August 2022.
FBR has collected Rs. 488 billion under the head of Income tax compared to Rs. 347 billion in the same period, thereby showing a growth of 41%.
A healthy growth of 16% was achieved in the collection of sales tax with collection surpassing Rs. 473 Billion as against Rs. 407 billion in July and August 2022.
Almost Rs. 80 billion were collected as FED showing an increase of 57%. Cumulative growth of 29% has been achieved in the collection of Inland Revenue taxes.
On the import side however, the same momentum could not be maintained due to compression in imports.
This has impacted collection of Customs duties where Rs 166 Billion was collected as against Rs. 151 billion in July and August 2022 with growth of 10%.
According to FBR, the team FBR is dedicated to not only achieve the assigned target but surpass them for the year ahead.