FBR ensures record tax collection of Rs2.68tr in five months of FY23

A cash-starved economy received a good news when the FBR on Thursday said it had exceeded the tax collection target set for July-Nov period of the current fiscal year.

Collection of direct tax registered an increase of 43 percent. But the collection of duty and taxes at the import stage customs remained short of the target due to a depression in imports.

The FBR (Federal Board of Revenue) says the record total amount stands at Rs2.68 trillion against Rs2.33 trillion collected in the corresponding period of last year.

According to the provisional data released on Thursday, the tax collection posted a growth of 15.3 per cent when compared with the financial year 2022-23.

However, the increase is much below what the government had committed to the International Monetary Fund (IMF).

In November, the FBR raised Rs538.2 billion, exceeding the projected target of Rs537 billion. Compared with Rs480 billion in the same month last year, the revenue collection posted a year-on-year growth of 11.5 per cent.

The same period also saw a refund of Rs135 billion compared to Rs124 billion paid last year, reflecting an increase of 8.87pc.

Moreover, provisional gross revenue collection is recorded as Rs2.823 trillion as against Rs2.454 trillion last year.

The news had a very positive impact on the stock exchange where the KSE-100 Index ended the day in green zone.

By the time trading was closed, the KSE-100 Index was recorded at 42,393.52 after a gain of 44.89 points. At one point, it had reached a high of 42,658.39.

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