FBR exceeds first quarter tax collection target, extends filing deadline

According to a news report on October 1, the FBR has exceeded projections for the initial quarter tax collection of the ongoing fiscal year by collecting PKR 2,041 billion. Taxpayers have granted an extension until October 31.

The specifics reveal that the collection has surpassed the designated target of PKR 1,978 billion. It was achieving a noteworthy surplus of PKR 63 billion.

Read: FBR’s Request To Revisit Property Rates In Bahawalpur And Other Cities

In September 2023, the FBR achieved a revenue collection of PKR 834 billion. This revenue exceeded the target of PKR 799 billion by PKR 35 billion.

Despite facing obstacles, including a significant decrease in import stage taxes from PKR 299 billion to PKR 254 billion in September 2023. The FBR made up for this deficit by improving domestic quarter tax collection, especially focusing on direct taxes.

Read: FBR Announces Relief From Taxation On The Transfer Of Immovable Property To Overseas Pakistanis

Visit RBS Real Estate and Builders for more information.

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