FBR Exceeds July Tax Collection Target By Rs. 2 Billion

The Federal Board of Revenue (FBR) has provisionally collected net revenue of Rs. 536 billion during July 2023 against the monthly target of Rs. 534 billion, reflecting an increase of Rs. 2 billion. The tax regulator has compiled the provisional revenue collection figures for the month of July 2023. According to the provisional information, total tax collection in July 2023 amounted to Rs. 536 billion against Rs. 458 billion during July 2022, reflecting an increase of Rs. 78 billion. The FBR has collected net revenue of Rs. 536 billion during July 2023, which has exceeded the target of Rs. 534 billion by Rs. 2 billion. These figures would further improve after book adjustments have been taken into account. This revenue performance is a reflection of FBR’s continued resolve to build further on its growth trajectory achieved last year. The revenue increase in July 2023 is largely the outcome of various policy and revenue measures introduced by the government in the Finance Act 2023. Unlike in the past, there is a visible focus on taxing the rich and affluent, sources added.