ISLAMABAD: The Federal Board of Revenue (FBR) collected Rs3,083.5 billion in taxes during July-September of the current fiscal year, exceeding its first-quarter target of Rs3,053 billion by Rs30.5 billion.
Collection in the quarter was about 7 percent higher than in the same period last year. Before refunds, the FBR’s gross collection stood at Rs3,286.7 billion. Refunds of Rs203.2 billion were issued during the quarter, compared with Rs159 billion in the first quarter of last year.
In September alone, the FBR collected Rs1,360.7 billion against a target of Rs1,343 billion, a surplus of Rs17.7 billion. September’s collection was 11 percent higher than in the same month last year.
According to the offical statement, sales tax collection rose 11 percent, which offset the shortfall in income tax. Income tax collection grew 5 percent despite lower tax rates. The statement said revenue continues to rise in the third year of tax reforms, with the focus on expanding the number of taxpayers and strengthening digital monitoring.
An FBR spokesperson said the annual tax target is Rs15.264 trillion, and roughly one-fifth of it was collected in the first quarter. To meet the annual target, the FBR must collect a further Rs12.18 trillion over the remaining three quarters.
