FBR beats revenue target for July, shows 16.6pc growth year-on-year

ISLAMABAD: The Federal Board of Revenue (FBR) collected Rs538 billion in taxes in July, exceeding its target by 0.7 percent and posting a 16.6 percent increase from a year earlier, as the tax authority strives to meet its annual goal amid a challenging economic environment.

The FBR attributed the higher revenue collection to a remarkable growth of 30 percent in direct taxes, and an 18 percent rise in inland revenue taxes. It exceeded its monthly target by Rs4 billion.

"FBR has exhibited a promising start for financial year 2023-24 ... (and) successfully surpassed the revenue target for the month of July-2023 and has even shown a robust 16.6% growth as compared to the corresponding month of last year," it said in a statement.

The Federal Board of Revenue said it had issued refunds of Rs49 billion in July, up from Rs 26 billion a year ago, to facilitate taxpayers and boost economic activity. "The performance of Federal Board of Revenue amidst the current financial and economic turmoil, portrays the unwavering dedication of the tax officials to achieve the assigned target for the current year." The statement said Federal Board of Revenue team is optimistic with regards to sustaining this growth pattern for rest of the year.