Revenue collection jumps 15pc to Rs2.688tr

The Federal Board of Revenue (FBR) collected Rs2.688 trillion in the first five months of the current fiscal year, exceeding the target set for the period by just Rs8 billion, showed provisional data released on Thursday. Meanwhile, the last date for the filing of income tax returns was extended until Dec 15. The revenue collection posted a growth of 15.3 per cent in 5MFY23 against Rs2.330tr collected in the same period last year. The FBR raised Rs538.2bn in November exceeding the projected target of Rs537bn. Compared with Rs480bn in the same month last year, the revenue collection posted a year-on-year growth of 11.5pc. In October the revenue collection fell short of the target by 17pc. This growth in July-November is much below what the government had committed to the International Monetary Fund to achieve the annual collection target. The FBR refunded Rs135bn during 5MFY23 compared to Rs124bn paid last year, reflecting an increase of 8.87pc. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.