FBR exceeds tax collection target in 1QFY24

ISLAMABAD: The Federal Board of Revenue (FBR) has released data showing that Rs 2,041 billion have been collected in taxes, in the first quarter of the financial year 2023-24, exceeding the target of Rs 1,978 by Rs 63 billion.

According to the FBR spokesperson, extraordinary efforts were made to meet the tax collection target in September. During this month, Rs 834 billion in taxes were collected against the target of Rs 794 billion.

Crackdown on illegal activities catapult Rupee to a two-month high

Rs 37 billion worth of refunds were also issued in this month. During September 2023, only Rs 254 billion could be collected under the head of import taxes due to a sharp drop in imports.

The FBR compensated the Rs 45 billion shortfall in import taxes through domestic taxes, especially direct ones. – INP