FBR Misses Out On February Tax Collection Target by Rs. 2 Billion

The Federal Board of Revenue (FBR) late Tuesday night decided not to release tax collection figures due to a shortfall of over Rs. 2 billion during the month of February 2023. The provisional tax collection of the tax machinery amounted to Rs. 4,490 billion in the first eight months of the current financial year against the assigned target of Rs. 4,733 billion for July-February (2022-23), reflecting a shortfall of Rs. 243 billion. According to the data compiled by the FBR late Tuesday night, the tax machinery provisionally collected Rs. 525 billion in February 2023 against the assigned target of Rs. 527 billion, reflecting a shortfall of Rs. 2 billion. The provisional tax collection in February 2023 reached over Rs. 525 billion as compared to Rs. 451 billion collected in February 2022, reflecting an increase of Rs. 74 billion. Finance Minister Ishaq Dar took to Twitter with the tax machinery’s latest tax numbers for the month that ended on February 28th. He revealed that FBR achieved its revenue target for the month by collecting Rs. 527.2 billion, registering a growth of 17 percent compared to the same month last year. Cumulatively, FBR has collected Rs. 4,493 billion in the first eight months of CFY23 against Rs. 3,820 billion in the corresponding period last year depicting year-on-year growth of 18 percent. FBR continues to show impressive performance during the third quarter of CFY23 which displays its commitment towards achieving the revised upward annual budgetary revenue target of Rs. 7,640 billion despite economic challenges, he added.