FBR collects Rs 605 billion gross revenues in May.

ISLAMABAD -- Despite challenges, the Federal Board of Revenue (FBR) with its tremendous effort collected gross revenues of Rs 605 billion during the month of May, the board said in a statement issued here Thursday.

According to the statement, against a 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 the month.

The board collected Rs 205 billion in May 2023 under the head of domestic income tax compared to Rs 131 billion in May 2022, thereby showing a growth of 57%.

A healthy year-on-year growth of 28% was achieved in the domestic sales tax with collection of almost Rs 100 billion.

Around Rs 41 billion were collected as Federal Excise Duty (FED) showing a year-on-year increase of 32%.

A cumulative growth of almost 44% has been achieved in the collection of domestic taxes.

'This is despite the fact that the economy has slowed down and GDP growth rate has been revised downward. Cumulative growth of almost 44% has been achieved in the collection of domestic taxes,'...