To reach its monthly goal of Rs684 billion by the end of the current month, the Federal Board of Revenue (FBR) must collect approximately Rs120 billion in the final two days of September.
The FBR’s preliminary revenue collection as of September 2022 was over Rs565 billion compared to the target of Rs684 billion, representing a shortfall of over Rs119 billion.
To reach the monthly goal of Rs684 billion, the FBR needed to collect about Rs60 billion every day during the final two days of September 2022, according to Brecorder.
The government would be forced to implement emergency collection measures, such as imposing a sales tax on petroleum items, if the FBR is unable to meet the monthly target of Rs684 billion. To avoid taking emergency revenue measures, the FBR has increased efforts to reach the desired revenue collection objective.
The tax collecting system currently has a difficult task ahead of it: achieving the assigned revenue collection target of Rs684 billion in September 2022.
In order to maximise revenue collection, tax authorities have developed a plan in conjunction with the chief commissioners of the LTOs and heads of MTUs.
The final day to pay advance tax instalments was September 25, and the majority of the corporate sector had already paid their owed advance tax instalment by that date.
The FBR examined the big tax offices’ and medium tax offices’ revenue results via the video link. The meeting also covered the potential reduction in income collection under a few heads as a result of the severe floods.
In comparison to the target of Rs483 billion, the FBR had tentatively collected net revenue of Rs489 billion for August 2022, representing an increase of Rs6 billion.
In comparison to the set revenue collection target of Rs926 billion during the first two months of July and August in 2022–2023, the FBR has collected Rs948 billion. The Board has so far surpassed the specified target in the current fiscal year 2022–2023 by Rs22 billion.
The FBR collected net revenue of Rs489 billion during August 2022, exceeding the objective of Rs483 billion compared to Rs448 billion collected during the same period last year, according to provisional figures.
