In August 2022, the Federal Board of Revenue (FBR) has collected net revenues of PKR 489 billion against the target of PKR 483 billion.
PKR 489 billion in net revenue was collected by FBR during August 2022, exceeding the target of PKR 483 billion compared to PKR 448 billion received during the same period last year, according to a statement provided by the tax collection organization.
The revenue board stated in a statement that these statistics will get even better when the book adjustments are made and that these collections are the highest ever for the month of August.
The performance, in FBR’s opinion, demonstrates FBR’s will to continue growing despite floods, a zero rating for POL goods, and import constriction.
The gross collection, on the other hand, went from PKR 462 billion in August of last year to PKR 526 billion, a 14% rise.
According to the statement, the government’s Finance Act 2022 included a number of revenue and policy initiatives that contributed significantly to the big revenue growth in August.
The focus is clearly on taxing the wealthy and powerful. Because of this paradigm shift, domestic income taxes have increased by about 38%, which is an impressive move toward direct taxation, it continued.
In comparison to the revenue target of PKR 926 billion, total taxes collected in July and August totaled PKR 948 billion, the FBR said.