January 31, 2023 (MLN): The Federal Board of Revenue (FBR) has demonstrated a commendable revenue collection performance during January 2023 and has not only achieved the monthly budgetary target of Rs533 billion but surpassed it by Rs4bn, the statement issued by the board on Tuesday revealed.
According to provisional figures, FBR has collected Rs537bn in the month of January 2023 thereby showing an impressive growth of 23% compared to the same month last year.
Cumulatively, FBR has collected Rs3.96bn in the first seven months of the current financial year against Rs3.36bn collected in the corresponding period of last year depicting a growth of 18%.
The third quarter of the current year started with an impressive performance and the team FBR is committed to meeting the annual budgetary target of Rs7.47bn for the current financial year despite economic challenges.
Direct taxes collection has grown at a robust pace and has shown growth of 48% during the first seven months of the current financial year which is reflective of the government’s policy of shifting the tax burden to wealthy and affluent segments of society.
It is also highlighted that the administrative and enforcement measures of the FBR have yielded results that are reflected in the growth of direct taxes in special and domestic taxes at large.
The growth in domestic taxes is 40% during the same period. The contribution of domestic taxes has also increased from 50% last year to 59% during the current year.
Furthermore, it is also pertinent to mention that the collection from Customs Duty has shown an increase of 16% during the month of January 2023 as compared to the same month last year.
Additionally, FBR has not stopped short of taking care of exporters’ liquidity problems and has issued refunds of Rs208bn during the first seven months of the current financial year as against Rs183bn during the corresponding period of last year which is 14 % more than the previous year’s issued refunds.
??“FBR appreciates all those taxpayers whose due contributions helped in the achievement of the budgetary target and also lauds the endeavors of all field formations and its officers for their untiring efforts and commitment to optimizing revenue collection in challenging economic situation,” the statement read.
This growth in tax revenues, especially direct taxes, underscores the resolve of the government and FBR to make Pakistan a prosperous nation to withstand financial shocks and bridge the fiscal deficit, it added.
Copyright Mettis Link News
Posted on:2023-01-31T21:58:09+05:00
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