The Federal Board of Revenue (FBR) has announced that the tax revenues collected for the month of July 2023 amounted to Rs532 billion, slightly falling short by Rs2 billion of the target set for this period.
This figure reflects a noteworthy increase of 15 per cent year-on-year, compared to the Rs462 billion collected in July 2022.
However, when examining the data on a monthly basis, there was a significant decline of 43.52 per cent as the tax revenue for July 2023 dropped compared to the Rs942 billion collected in the previous month.
Looking ahead, the government has set a revenue collection target of Rs9.415 trillion for the fiscal year 2023-2024.
It is worth recalling that in the previous fiscal year 2022-2023, the FBR failed to meet its annual budgetary collection target by approximately Rs522 billion, as it collected Rs7.118 trillion by June 27, 2023, in contrast to the projected amount of Rs7.64 trillion for the entire fiscal year.
