FBR has increased by 23% from the same month last year, according to preliminary estimates. Comparing the total amount collected by FBR throughout the first seven months of the current fiscal year to the total amount collected during the same period previous year, an increase of 18%, or Rs. 3,965 billion, can be seen.
In line with the government’s strategy of shifting the tax burden to wealthy and affluent groups of society, direct tax collection grew by 48 percent over the first seven months of the current fiscal year.
FBR has demonstrated commendable revenue collection performance by not only achieving the Jan 2023 target of Rs. 533 billion but surpassed it by Rs.4 billion. Overall, FBR has collected Rs. 3965 billion in the first 7 months of CFY compared to Rs. 3367 billion last year. 1/2
— FBR (@FBRSpokesperson) January 31, 2023
According to the FBR, administrative and enforcement actions have produced effects that may be seen in the rise in direct taxes and overall domestic taxes. Over the same time span, domestic taxes increased by 40%. When compared to the same month last year, the amount collected from customs duties climbed by 16% in January 2023.
FBR has also gone above and beyond to address the liquidity issues facing exporters, issuing refunds of Rs. 208 billion during the first seven months of the current fiscal year as opposed to Rs. 183 billion during the same period previous year.