The Federal Board of Revenue (FBR) achieved a significant milestone by provisionally collecting net revenue of Rs. 536 billion in July 2023, surpassing the monthly target of Rs. 534 billion. This represents a notable increase of Rs. 2 billion, showcasing the tax regulator’s efforts in revenue collection.
July 2023 Revenue Collection Exceeds Previous Year
In comparison to the corresponding period in the previous year, the provisional information indicates a substantial growth in tax collection. The total tax collection for July 2023 amounted to Rs. 536 billion, whereas it stood at Rs. 458 billion during July 2022, resulting in a substantial increase of Rs. 78 billion.
Factors Contributing to Revenue Surge
The remarkable revenue performance in July 2023 can be attributed to the implementation of various policy and revenue measures introduced in the Finance Act 2023. Notably, there is a discernible focus on taxing the affluent and wealthy, contributing significantly to the revenue surge.
Heading Towards Continuous Growth Trajectory
The FBR’s achievement of surpassing the revenue target underscores its commitment to maintaining a growth trajectory. The successful revenue collection in July 2023 is a testament to the FBR’s determination to build upon the growth achieved in the previous year.
