FBR creates history by collecting Rs. 1635 billion in first quarter of the current financial year

ISLAMABAD, Oct 01 (SABAH): Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the month of September and the first quarter of the current financial year. FBR has collected net revenue of Rs. 685 billion during the month of September against the target of Rs. 684 billion which is 27 % higher than the collection of September last year.

Similarly, the target of the first quarter of the current financial year has also been surpassed by achieving Rs. 1635 billion against the target of Rs. 1609 billion and the growth is more than 17% for the quarter. FBR has collected Rs. 27 billion in excess of the target. These figures would further improve before the close of the day. This performance in revenue collection is despite zero rating of Sales Tax on POL products, import compression and the prevailing situation of floods. This impressive growth is primarily based on the 41% growth in direct taxes in the first quarter which is in line with the policy of the government to tax the rich and affluent.

The revenue performance is reflective of robust revenue mobilization strategy of FBR and effective enforcement by the field formations. On the other hand, the amount of refunds of Rs. 84 billion disbursed during the first quarter against Rs. 62 billion in the first quarter of the last year which is 35.5 % higher. FBR expresses its profound gratitude to all the taxpayers who have made possible this remarkable record collection during the first quarter of the year.