FBR collection exceeds target in September

Revenue collection surged to Rs1.10 trillion in September, raising expectations that the shortages from the previous two months would be bridged in the second quarter of 2024-25. In September, tax collection exceeded the monthly target of Rs1.098tr by just Rs2 billion. The Rs98bn shortfall in the first two months of FY25 has now been reduced to Rs96bn. The revenue collection in September saw an increase of 32pc compared to Rs833bn in the same month last year, showed provisional figures released on Monday. Collection in the first quarter of FY25 stood at Rs2.556tr, a shortfall of Rs96bn or 3.62pc compared to the estimated target of Rs2.652tr for July-September. However, the first quarter recorded a 25pc increase in revenue over the same months last year, at Rs2.041tr. FBR paid Rs146bn in refunds to taxpayers in the first quarter, up from Rs129bn in the same period last year, representing a 13.17pc increase. The FBR paid Rs15bn in refunds in September compared to Rs37bn in the same month last year, a 59.45pc reduction.