FBR Surpasses Tax Collection Target For August By Rs6 Billion.

ISLAMABAD -- The Federal Board of Revenue (FBR) has surpassed the tax collection target for August by Rs6 billion despite floods, zero rating on POL products, and import compression.

The FBR has released the provisional revenue collection figures for the month of August, 2022. According to the provisional information, FBR has collected net revenue of Rs. 489 billion during August 2022, which has exceeded the target of Rs. 483 billion against Rs. 448 billion collected during the same period, last year. These figures would further improve after the book adjustments have been taken into account. These collections are the highest ever in the month of August. This outstanding revenue performance is a reflection of FBR's resolve to build on its growth trajectory despite floods, zero rating on POL products, and import compression.

On the other hand, the gross collection increased from Rs. 462 billion during August last year to Rs. 526 billion, showing an increase of 14%. Likewise, the amount of refunds disbursed during August was Rs. 37 billion compared to Rs. 14.3 billion paid last year, showing an increase of 161%. This is reflective of FBR's strong commitment to fast-track refunds and thereby prevent liquidity shortages in the industry.

The significant revenue increase in August is largely the outcome of various...