FBR surpasses July revenue collection target

ISLAMABAD: The Federal Board of Revenue (FBR) has collected net revenue to Rs 538 billion against the target of Rs 534 billion in July 2023.

According to a statement released by the tax collection body, FBR has collected net revenue of Rs538 billion during July 2023, which has exceeded the target of PKR 534 billion.

The data showed an increase of 30% in tax collection in July. The FBR spokesperson applauded the efforts of the tax collection body amid the financial crisis in the country.

Earlier, Country Director of the World Bank Najy Benhassine and Chairman Federal Board of Revenue Asim Ahmad reviewed the progress of Pakistan Raises Revenue Program during the last financial year.

It was noted that during the four years of project, significant achievements have been made for sustainable revenue mobilization, taxpayer facilitation, and reducing the cost of doing business under the PRRP.

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In particular, the harmonization of Sales Tax laws and procedures among provinces and the federal government was a landmark achievement with benefits for taxpayers and all revenue authorities.

During the meeting, it was stressed that all efforts should be made for achieving the next objective of launching of Single Portal to facilitate Sales Tax Return filing. It may be noted that FBR has been publishing detailed tax expenditure reports to improve transparency. Both sides agreed to continue the focus on the upgradation of IT infrastructure and automation of FBR and for the timely completion of project targets