The first quarter tax collection target surpassed

The Federal Board of Revenue (FBR) exceeded its tax collection goals for the first quarter. They have granted a filing extension.

The board has exceeded expectations by collecting a total of PKR 2,041 billion in the first quarter of the current fiscal year.

Their extensions have granted the taxpayers additional time. A news outlet reported on October 1 that the new tax filing deadline has been set for October 31, 2023.

The target for the collection of tax for the first quarter was PKR 1,978 billion, which has been surpassed by a surplus of almost PKR 63 billion.

In September the Federal Board of Revenue showed exceptional work. They have exceeded their revenue collection goal of PKR 799 billion, and have collected a whopping total of PKR 834 billion. They’ve surpassed their monthly target by a total of PKR 35 billion.

Pakistan has been facing severe economic challenges in the past years. Despite the import compression in September 2023, the Federal Board of Revenue compensated for the import stage taxes by collecting the domestic tax.

Their enhancement of the revenue collection led to the compensation of almost PKR 50 billion.

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