FBR surpasses revenue target for current fiscal year

The Federal Board of Revenue (FBR) has reportedly collected Rs 5,150 billion in revenue which is more than the target for the first seven months of the Current Fiscal Year, ARY News reported on Wednesday.

According to the released data, the FBR collected Rs 5,150 billion in revenue against the target of Rs 5,115 billion for the first seven months of the CFY 2024.

FBR collects Rs 5150 Billion against the target of Rs 5115 Billion for the first 7 months of the CFY. It collected Rs 3973 Billion during the corresponding months of the previous year.During Jan 2024,FBR collected Rs 681 Billion against Rs 545 Billion collected during Jan 2023.

— FBR (@FBRSpokesperson) January 31, 2024

As per data, the FBR collected Rs3,973 billion in taxes during the same period last year, revealing a notable increase of Rs1,177 billion.

In the month of January alone, the FBR achieved a noteworthy milestone by collecting a total revenue of Rs 681 billion in taxes.

This figure stands in stark contrast to the Rs 545 billion collected during the same period in the previous financial year.

In December, FBR has created history by collecting Rs1.021 trillion and after adjusting refunds of Rs38 billion issued during the month.

Targets for the month as well as for the first six months of the current financial year were also surpassed, said a news release issued on Sunday.

The target for the first six months was Rs.4425 billion (as agreed with IMF), which was surpassed by 43 billion and recorded a collection of Rs.4468 billion.

FBR in the corresponding six months of the previous year collected Rs.3428, thus registering an increase of more than Rs 1 trillion.