The Federal Board of Revenue (FBR) is making good progress towards its October 2023 objective of collecting Rs. 705 billion in taxes. In this essay, we’ll lay down what’s going on in a manner that even a 13-year-old can grasp.
The Federal Board of Revenue (FBR) has set a Rs. 705 billion tax collection goal for October 2023. This goal is crucial since it is used to support a variety of government programs and projects.
The good news is that the FBR is on track to fulfill this target. According to reports, the present rate of income collection for the month of October is sufficient. Furthermore, the FBR is likely to meet the tax collection goal for the first four months of the fiscal year 2023-24.
In recent months, the FBR has done an admirable job. It collected Rs. 2,041 billion in the first quarter of the current fiscal year. This sum exceeds the allocated objective of Rs. 1,978 billion, by an astonishing Rs. 63 billion.
September 2023 was an exceptionally successful month in terms of tax collection. This month, the FBR collected Rs. 834 billion in taxes, compared to Rs. 688 billion in September 2022. This Rs. 146 billion increase indicates the FBR’s commitment to effective tax collection.
The FBR collected a total of Rs. 2,041 billion in the first quarter of fiscal year 2023-24. This is a significant increase over the same time in 2022-23 when just Rs. 1,644 billion was collected. The Rs. 370 billion increase is a big accomplishment for the FBR.
While the FBR has made significant progress in revenue collection, it will confront some obstacles in September 2023. Import-related tax receipts fell from Rs. 299 billion the previous month to Rs. 254 billion. The FBR, on the other hand, was able to make up for this Rs. 45 billion gap by concentrating on domestic taxes, particularly direct taxes.
The FBR’s recent success demonstrates its commitment to reaching tax collection objectives. It is not just meeting but surpassing its objectives. This is a good indicator of Pakistan fiancial stability and the capacity of the government to finance key services. We’ll keep you posted on the FBR’s progress toward its tax-collecting targets.