The Federal Board of Revenue continues (FBR) has achieved historical growth in revenue collection during the first five months of the Financial Year 2022-23
ISLAMABAD, (UrduPoint / Pakistan Point News – 30th Nov, 2022 ) :The Federal board of Revenue continues (FBR) has achieved historical growth in revenue collection during the first five months of the Financial Year 2022-23.
Federal Board of Revenue continues to demonstrate excellent performance in revenue collection for the fifth consecutive month of the current financial year and has exceeded both the five monthly target of Rs 2,680 billion as well as the monthly target of Rs. 537 billion despite import compression and zero rating on POL products, said a press release issued here.
Provisional gross revenue collection is recorded as Rs. 2,823 billion for the first five months as against Rs 2,454 billion collected during the corresponding period of the previous fiscal year. Collection of direct tax registered maximum growth of 43%.
FBR also recognizes the endeavours of all field formations and officers for their untiring efforts and commitment to optimize revenue collection in difficult times where sales tax collection on imports is showing negative growth.
Achievement of targets was made possible due to extraordinary steps taken in the areas of recoveries, monitoring and day to day vigilance.
The revenue collection trends during the first five months of the financial year augurs well towards the achievement of the assigned revenue targets for current financial year.