FBR target of December Tax Collection failed to achieved

(Infosette News) ISLAMABAD: The FBR Target has failed to complete the Tax collection target of Rs 965 billion for December 2022, falling short by Rs 225 billion.

According to a statement, the revenue watchdog collected Rs740 billion in revenue in December, compared to the target of Rs965 billion. Overall, the FBR collected Rs 3428 billion in the first six months of the current fiscal year.

The tax department collected Rs3428 billion in the first six months of the current fiscal year 2022-23, compared to Rs2929 billion in the same period last year, a 17 per cent increase.

Furthermore, FBR collected Rs740 billion in December 2022, compared to Rs599 billion in the same month last year, representing a nearly 24 per cent increase.

Read More: FBR exceeded its goal by Rs15 billion in July, collecting Rs458 billion.

Direct tax collection increased by 66% in December 2022 compared to December 2021. Direct tax collection increased by 49 per cent in the first six months.

Meanwhile, Minister of Finance and Revenue Senator Mohammad Ishaq Dar presided over a meeting on the FBR’s revenue performance.

Chairman of the FBR, Asim Ahmad, provided a detailed presentation on the FBR’s revenue targets and performance for the months of November and December 2022.

He informed the Minister that the FBR had exceeded its revenue collection targets through November and expressed hope that it would be able to meet its targets in the remaining months of the fiscal year 2022-23.

The Finance Minister expressed his satisfaction and thanked the FBR team for their efforts in meeting the targets. He also pledged his full support to the FBR in carrying out their revenue collection duties.

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