The Federal Board of Revenue (FBR) has set a tax revenue collection target of Rs. 537 billion for the month of November.
This revised target comes after the FBR experienced a significant shortfall of Rs. 21 billion in tax collection during October. To meet the second-quarter goal for fiscal year 2022-23, the tax collection apparatus aims to achieve Rs. 537 billion in revenue for November.
Comparing the provisional tax collection for the first four months of FY22-23 to the allocated target of Rs. 2,143 billion, the FBR managed to collect Rs. 2,147 billion, surpassing the goal by Rs. 4 billion.
During October 2022, the FBR provisionally collected Rs. 512 billion, which is a notable increase of Rs. 65.5 billion compared to the amount collected in October 2021, which stood at Rs. 446.5 billion.
Furthermore, the September net revenue collection of Rs. 685 billion exceeded the objective of Rs. 684 billion, registering a 27% increase compared to September 2021.
Notably, the revenue collected during the first quarter of the current fiscal year surpassed the set target of Rs. 1,609 billion, indicating a positive trend in tax collection efforts.
As November begins, the FBR remains focused on meeting its tax revenue target and ensuring fiscal stability and growth in the country.
