FBR Hits 9-Month Tax Target with Corporate Advances

Islamabad: During July-March 2023-24, the Federal Board of Revenue (FBR) exceeded its assigned target by collecting Rs. 6,710 billion, reflecting an increase of Rs. 3 billion.

As per the data released by the Federal Board of Revenue (FBR), Rs. 6,710 billion was successfully collected by the end of the third quarter of the current financial year, exceeding the assigned target of Rs. 6,707 billion for the first nine months. The FBR achieved this by securing advances from large companies and business communities, fulfilling the monthly and nine-month revenue targets. This approach included obtaining advances from companies in January and February, which have been an ongoing policy for the last several months.

A substantial refund increase is evident in the current period, with Rs. 369 billion issued compared to Rs. 254 billion last year. The FBR continues to demonstrate a robust 30% growth in revenue collection compared to the first nine months of the previous financial year.

March 2024 saw the FBR achieving the assigned target of Rs. 879 billion, while refunds amounting to Rs. 67 billion were issued, a significant rise from the Rs. 22 billion issued in March 2023. Most regional tax offices, including RTO Rawalpindi, successfully met their targets.

The Regional Tax Office (RTO) in Rawalpindi has not only met but surpassed its budgetary targets for March 2024 and its quarterly goals spanning January to March 2024, showcasing an exceptional feat of fiscal management.

In March 2024, RTO Rawalpindi exceeded expectations by achieving remarkable revenue collection, surpassing the quarterly target from January to March 2024. The RTO has consistently met the budget target for the first three quarters.

Tehmina Aamer, the Chief Commissioner of Inland Revenue, expressed her utmost admiration and appreciation for the outstanding achievements of the entire team at RTO Rawalpindi. She wholeheartedly commended the officers’ and officials’ dedication and professionalism, whose efforts have consistently surpassed targets, and expressed her unwavering confidence in their continued success.

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