ISLAMABAD, The Federal Board of Revenue (FBR) has announced a notable accomplishment, recording a 43% increase in domestic taxes, and a 37% overall growth in revenue collection. For the four-month span from July to October 2023, FBR collected a sum of Rs. 2,748 billion, surpassing its projected target of Rs. 2,682 billion by Rs. 66 billion.

According to Federal Board of Revenue (FBR), substantial strides were taken to meet the revenue target for October 2023. A comparison with the previous year’s data reveals a significant hike. FBR garnered Rs. 707 billion in October 2023, a stark increase from the Rs. 516 billion amassed in October 2022. Parallelly, the board has processed refunds amounting to Rs. 158 billion in the initial four months, marking a rise from Rs. 113 billion refunded in the equivalent period the prior year. A surge was also observed in the number of returns filed by the end of October 2023, with the total reaching roughly 2.9 million. This is an increment of 330,000 compared to the 2.57 million filed within the same timeframe the previous year.

The Chairman of FBR extolled the remarkable diligence, adeptness, and commitment demonstrated by FBR’s officers and staff members. With a steadfast resolve, FBR is geared to meet and perhaps surpass its revenue objectives for the forthcoming months of this fiscal year.