ISLAMABAD: Federal Board of Revenue (FBR) with its tremendous effort collected gross revenues of Rs 605 billion during month of May, Board said in statement issued here. According to statement, against target of Rs 621 billion, FBR was able to collect Rs 572 billion net revenue, while refunds amounting to Rs 33 billion were issued during month. Board collected Rs 205 billion in May 2023 under head of domestic income tax compared to Rs 131 billion in May 2022, thereby showing growth of 57 percent.

Healthy year-on-year growth of 28 percent was achieved in domestic Sales Tax with collection of almost Rs 100 billion. Around Rs 41 billion were collected as Federal Excise Duty showing year-on-year increase of 32 percent. Cumulative growth of almost 44 percent has been achieved in collection of domestic taxes. “This is despite fact that economy has slowed down and GDP growth rate has been revised downward. Cumulative growth of almost 44 percent has been achieved in collection of domestic taxes,” statement added.

On import side, same momentum could not be maintained due to unprecedented compression in imports. In US $ terms, imports in country declined by 37 percent in May 2023 compared to May 2022, statement added.

Published in The Daily National Courier, June, 02 2023

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