The Federal Board of Revenue (FBR) announced on Thursday that it had exceeded its five-month target by collecting Rs736 billion in November 2023, reflecting a monthly growth of 38 percent.
FBR Chairman Amjad Zubair Tiwana noted that, following the agreed target with the International Monetary Fund (IMF), the monthly goal was set at Rs710 billion, but the revenue board surpassed expectations by collecting Rs736 billion.
In a statement posted on X, the FBR highlighted that despite experiencing 54 percent higher refunds compared to the corresponding period in the previous year, it successfully achieved the five-month target with the November 2023 collection.
The cumulative tax collection for the first five months (July-Nov) of the current fiscal year stands at Rs3,484 billion, a substantial increase from the Rs2,688 billion collected during the same period in the last financial year, indicating a boost of Rs795.6 billion.
Looking ahead, the FBR now faces the task of collecting Rs5,931 billion in the remaining seven months (Dec-June) to meet the targeted tax collection of Rs9,415 billion by June 30, 2024.
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