ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed its revenue target for the month of august by Rs6 billon. The tax collection body collected net revenue of Rs489 billion against the target of Rs483 billion.
FBR has collected net revenue of Rs489 billion during August 2022, which has exceeded the target of Rs483 billion, the tax collection body said in statement.
It should be noted that Rs448 billion was collected during the same period last year.
According to FBR, the performance is a reflection of FBR’s resolve to build on its growth trajectory despite floods, zero rating on POL products, and import compression.
On the other hand, the gross collection increased from PKR 462 billion during August last year to Rs526 billion, showing an increase of 14%.
The statement read that significant revenue increase in August is largely the outcome of various policy and revenue measures introduced by the government in Finance Act 2022.
“There is a visible focus on taxing the rich and affluent. Owing to this paradigm shift, the growth in domestic income tax is almost 38% which is a remarkable shift towards direct taxation,” it added.
