FBR surpasses budgetary target for February 2023.

ISLAMABAD -- Federal Board of Revenue (FBR) has collected Rs 527.3 billion against the budgetary target of Rs 527 billion during the month of February 2023.

This shows a growth of 16.3 percent as compared to the collection of the same month of last year, said a press release issued here on Wednesday.

Cumulatively, FBR has collected Rs 4,493 billion in the first eight months of the current financial year against

Rs 3,820 billion was collected in the corresponding period of last year depicting a year-over-year growth of 18%.

FBR continues to show impressive performance during the third quarter of the current financial year which displays its unwavering commitment towards achieving the revised upward annual budgetary target of Rs 7,641 billion despite economic challenges.

As per the provisional data, direct tax collection grew at a robust pace of 47% during the first eight months of the current financial year which is reflective of the Government's policy of making taxation progressive and equitable by shifting tax burden towards society's wealthy and affluent segments.

This consistent growth in direct taxes, particularly those from domestic sources is, in large part, due to administrative and enforcement measures of the FBR.

The contribution of domestic taxes has increased from 49.4% last year to 58.7% during the current year, pointing towards the success of policies aimed at reducing reliance on import duties and taxes.

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