• Download the Constitution of Pakistan
  • Advertise
Monday, June 23, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Business

FBR likely to miss FY23 collection target by Rs75bn

by News Publishing
June 28, 2023
in Business
Reading Time: 2 mins read
0
FBR likely to miss FY23 collection target by Rs75bn
Share on FacebookShare on TwitterLinkedinWhatsapp

The Federal Board of Revenue (FBR) is facing a Rs75 billion shortfall in meeting the downward revised annual tax collection target of Rs7,200 billion for the current fiscal year.

The FBR collected Rs7,125 billion against the revised tax collection target of Rs7,200 billion, resulting in a Rs75 billion net revenue shortfall for fiscal year 2022-2023.

Following the release of the mini-budget in February 2023, the FBR set an annual tax collection target of Rs7,640 billion for the current fiscal year.

The government levied an additional Rs160 billion in taxes by raising the GST rate from 17% to 18%, imposing a higher GST rate of 25% on luxury commodities, and increasing the Federal Excise Duty (FED) on cigarettes by 154%.

However, because the FBR did not receive additional income in the last four months, the revenue collection target for the end of June 2023 was reduced from Rs7,640 billion to Rs7,200 billion.

Intriguingly, Minister of Finance and Revenues Ishaq Dar tweeted about the highest-ever tax collection for the current fiscal year.

“For the first time in the country’s history, the FBR has collected Rs7,000 billion in taxes until June 26, 2023,” the FBR said, adding that revenue collection would increase further until June 30, 2023.

الحمداللہ!

پاکستان کی تاریخ میں پہلی دفعہ فیڈرل بورڈ آف ریوینیو نے
26 جون تک محصولات کی مد میں 7000 ارب روپے اکٹھا کر لیا ہے۔

30 جون تک اس میں مزید اضافہ ہو گا۔ انشاءاللہ۔

— Ishaq Dar (@MIshaqDar50) June 27, 2023
Tags: FBRIshaq Darlatest
News Publishing

News Publishing

Related Posts

PSX stumbles over geopolitical tensions, oil price surge

PSX stumbles over geopolitical tensions, oil price surge

by News Publishing
June 23, 2025
0

The Pakistan Stock Exchange (PSX) came under significant pressure on Monday as heightened geopolitical tensions and a sharp rise in...

PM directs to acquire ships on lease to enhance fleet of PNSC

PM directs to acquire ships on lease to enhance fleet of PNSC

by News Publishing
June 20, 2025
0

Prime Minister Muhammad Shehbaz Sharif has directed the authorities concerned to acquire ships on lease to enhance fleet of Pakistan...

Sindh Unveils Budget 2025-26 with Pay and Pension Increases

Sindh Unveils Budget 2025-26 with Pay and Pension Increases

by Haris Ali
June 13, 2025
0

On June 13, 2025, the Sindh government unveiled the Budget 2025-26, announcing a series of financial relief initiatives for its...

Passenger Car Sales Surge Over 32% in Eleven Months

Passenger Car Sales Surge Over 32% in Eleven Months

by Haris Ali
June 13, 2025
0

In Pakistan, passenger car sales have increased by more than 32 percent, reaching 94,388 units in the first eleven months...

Pakistan, UAE Leaders Vow Stronger Cooperation in Pursuit of Peace and Stability

Pakistan, UAE Leaders Vow Stronger Cooperation in Pursuit of Peace and Stability

by Haris Ali
June 13, 2025
0

Pakistan and the United Arab Emirates (UAE) reaffirmed their commitment to close coordination and cooperation in pursuit of regional peace...

10% Salary Bump, More Pension: Govt Unveils Employee Relief Package

10% Salary Bump, More Pension: Govt Unveils Employee Relief Package

by News Publishing
June 11, 2025
0

The federal cabinet approved a 10% pay raise for federal employees and a 7% pension boost for pensioners during its...

Next Post
World Cup 2023: ICC agrees to PCB’s demand on warm-up matches

World Cup 2023: ICC agrees to PCB’s demand on warm-up matches

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters