Islamabad: The Federal Board of Revenue (FBR) has exceeded expectations in the first quarter of the current fiscal year collecting PKR 2,041 billion, allowing taxpayers additional time until October 31, reported a news article on October 1.
The details entail that the collection has been made against the assigned target of PKR 1,978 billion, marking a substantial surplus of PKR 63 billion. In September 2023 alone, the FBR achieved a revenue collection of PKRs 834 billion, surpassing the target of PKR 799 billion by PKR 35 billion.
Despite challenges such as severe import compression in September 2023, where import stage taxes fell from PKR 299 billion to PKR 254 billion, the FBR compensated for this shortfall by enhancing domestic tax collection, particularly in the realm of direct taxes.
In response to the evolving circumstances, the FBR has extended the deadline for filing income tax returns till October 31, 2023.