FBR Breaks Records: October 2023 Sees Revenue Soar to Rs. 707 Billion, a Whopping Increase from Last Year’s Rs. 516 Billion

The Federal Board of Revenue (FBR) has been on a winning streak, achieving its revenue collection target for the fourth consecutive month. In this period from July to October 2023, the FBR collected a staggering Rs. 2,748 billion, surpassing its assigned target of Rs. 2,682 billion by Rs. 66 billion. The growth is impressive, with a 43% increase in domestic revenue and a 37% increase overall.

A major highlight is the exceptional performance in October 2023, where FBR collected Rs. 707 billion, compared to Rs. 516 billion in October 2022. Additionally, they issued refunds amounting to Rs. 158 billion in the first four months of the fiscal year, a significant increase from the previous year’s Rs. 113 billion.

The number of tax returns filed has also seen a substantial boost, with 2.9 million filed by the end of October 2023, reflecting a rise of 330,000 compared to the same period in the previous year.

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Chairman FBR commended the hard work and dedication of FBR officers and officials, emphasizing their determination to meet the upcoming fiscal year’s targets. These achievements signify a robust financial performance and positive growth for the FBR, which is crucial for the country’s economic stability and development.

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