According to preliminary figures issued on Thursday, the Federal Board of Revenue (FBR) received Rs2.688 trillion in the first five months of the current fiscal year, exceeding the goal set for the time period by only Rs8 billion. The deadline for filing income tax returns has also been extended until December 15.
In 5MFY23, revenue collection increased by 15.3% compared to Rs2.330tr collected during the same period in the previous year.
In November, the FBR raised Rs. 538.2 billion, beating the estimated Rs. 537 billion goals. The income collection showed an increase of 11.5 percent year over year compared to Rs480 billion in the same month the previous year.
The revenue collection in October fell 17 percent short of the goal. The rise between July and November is significantly lower than what the government promised the IMF in order to meet the yearly collection target. Compared to the Rs124bn paid in the previous year, the FBR issued refunds of Rs135bn during 5MFY23, an increase of 8.87 percent. This demonstrates FBR’s determination to expedite reimbursements in order to avoid a liquidity crunch in the market.
Compared to the Rs2.454tr collected during the same time of the previous fiscal year, the preliminary gross revenue collection for the first five months is recorded as Rs2.823tr.
According to an official notice, the FBR applauded all field formations and officers for their tireless work and dedication to maximizing revenue collection in challenging circumstances where sales tax collection on imports is exhibiting negative growth. The remarkable actions done in the areas of healing, monitoring, and daily vigilance allowed for achieving the goals.
FBR only collected Rs24.17 billion in income tax arrears for the five months, compared to Rs11.69 billion in the same period the previous year. In contrast to the Rs6.65bn collected in the same month last year, Rs8.98bn was collected in November.