The Federal Board of Revenue (FBR) has exceeded its tax collection target for the first nine months of the current fiscal year by an impressive margin.
According to the latest figures released on Sunday by the FBR, a total of Rs 6,710 billion was collected in taxes from July to March, surpassing the target of Rs 6,707 billion set for the same period. This achievement marks a significant 30% increase in tax revenue compared to the corresponding period of the previous fiscal year.
Furthermore, the FBR announced that it has successfully met the monthly income tax target of Rs 879 billion set for March 2024.
In addition to the collection success, the FBR highlighted its commitment to taxpayer facilitation by disbursing tax refunds worth Rs 369 billion during the first nine months of the fiscal year. This amount reflects a considerable increase from the Rs 254 billion refunded during the same period in the previous fiscal year.
During March 2024 alone, tax refunds amounting to Rs 67 billion were disbursed to taxpayers, indicating a proactive approach by the FBR in addressing refund claims. In contrast, in March 2023, refunds worth Rs 22 billion were issued, indicating a significant rise in refund disbursements this fiscal year.
