FBR surpassed 8 months revenue target of Rs5.83tr

The Federal Board of Revenue (FBR) has surpassed eight-month (July-Feb) target of Rs. 5,829 billion and registerd a growth of 30% in current fiscal year.

The FBR collected Rs681 billion in February as against a collection of Rs519bn a year earlier, registering a growth of 32% YoY. The FBR is set to achieve Rs9.415 trillion in current fiscal year.

The FBR, however fell short of Rs33 billion in monthly (February) target when it collected Rs681 billion against the target of Rs714 billion for February.

This is the second consecutive month that the FBR has failed to achieve its monthly revenue collection target.FBR recorded shortfall of Rs9 billion for month of January.

The FBR efforts for broadening the number of income tax return filers to 6.5 million by June 2024 failed as the total income tax returns received by the FBR reduced to 3.88 million, from 5.98 million in tax year 2022.

In case of any further shortfall, the IMF may prescribe a prescription of additional revenue measures within the ongoing fiscal year or a mini-budget if the monthly collection falls short of the target by more than 1%.

The data shows that Income tax collection amounted to Rs2.76 trillion, up over Rs800 billion, or 41%, during the first eight months of this fiscal year.

Sales tax collection reached over Rs2 trillion, which was Rs316 billion, or 19%, more than the last fiscal year. The FBR collected Rs352 billion in FED, and the collection of customs duty stood at Rs710 billion.