Islamabad: Federal Board of Revenue (FBR) has exceeded its tax collection targets for the first quarter (July-September) of the fiscal year 2023 by a significant margin. As of September 30, 2023, a total of 1.89 million income tax returns were filed, showing a slight increase in numbers.
The FBR has reported a total collection of Rs2,041 billion for the first quarter, surpassing the assigned target of Rs1,977 billion, which was agreed upon with the IMF. This achievement represents an impressive surplus of Rs64 billion.
For the month of September 2023, the FBR collected Rs834 billion in revenue, surpassing the set target of Rs799 billion by Rs35 billion. Notably, the FBR received 1.89 million income tax returns for the current fiscal year, compared to 1.875 million returns filed by the end of September 30, 2022.
In an official announcement, the FBR highlighted its success in exceeding the first-quarter revenue target by Rs63 billion, with a total collection of Rs2,041 billion (compared to Rs1,644 billion in 2022) against the target of Rs1,978 billion.
Additionally, the FBR made notable efforts to achieve its revenue targets for September 2023. Despite a significant drop in import taxes (from Rs299 billion in the previous month to Rs254 billion in the current month), the FBR managed to compensate for the shortfall by increasing domestic tax collections, particularly through direct taxes.
It is notified that an extension of one month for filing income tax returns has been granted by the FBR, extending the deadline to October 31, 2023. This decision was made following the approval of caretaker Minister for Finance Dr. Shamshad Akhtar and was announced through an official notification.