Income tax target surpassed with 41% growth
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The Federal Board of Revenue (FBR) on Thursday announced that it has surpassed the annual income tax collection target 10 days ahead of the close of ongoing financial year.
According to the FBR’s Twitter handle, so far it has collected Rs3.035 trillion against the target of Rs3.026 trillion, achieving 41% growth over last year.
“FBR’s Inland Revenue Service surpasses annual income tax target of Rs3,026 billion, 10 days ahead of the close of ongoing financial year, showing unprecedented 41% growth in comparison to last year, and has collected Rs3,035 billion till June 21, 2023,” the FBR tweeted.
Earlier, the shortfall in overall tax collection reached Rs433 billion in the first 11 months (July-May) of current fiscal year, requiring the FBR to collect Rs1.43 trillion in June alone to meet the annual goal of Rs7.640 trillion.
Published in The Express Tribune, June 23rd, 2023.
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