FBR fails to achieve December tax collection target

ISLAMABAD: The Federal Board of Revenue (FBR) has failed to achieve its tax collection target of Rs965 billion for December 2022, falling short of Rs225 billion, ARY News reported on Saturday.

According to a statement, the revenue watchdog collected Rs740 billion revenue in December against the target of Rs965 billion. Overall, the FBR has collected Rs3428 billion for the first six months of the current fiscal year.

In the current financial year 2022-23, the tax department collected Rs3428 billion for the first six months against Rs2929 billion collected in the corresponding period of last year, depicting an increase of 17 percent.

Moreover, FBR collected Rs740 billion for the month of December 2022 against Rs599 billion in the same month last year showing a growth of almost 24 percent as compared to the same month last year.

Direct taxes collection showed growth of 66 percent during the month of December 2022 compared to December 2021. Direct taxes collection for the first six months also registered a growth of 49 percent.

Meanwhile, Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on the revenue performance of the FBR.

Chairman FBR Asim Ahmad gave a detailed presentation on revenue targets and performance of FBR for the months of November and December 2022.

He apprised the Minister that FBR has surpassed the revenue collection targets till November and expressed hope to successfully meet its targets in the remaining months of the financial year 2022-23.

The Finance Minister expressed satisfaction and appreciated the FBR team for their efforts in meeting the targets. He further extended his full support to FBR in the performance of their duties for revenue collection.