FBR collects net revenue of Rs458 billion in July FY22

ISLAMABAD: The Federal Board of Revenue (FBR) collected a total revenue of Rs458 billion during July 2022, exceeding the set target of Rs 443 billion.

According to figures released by the board, the last month of the fiscal year exceeded the monthly revenue target by Rs15 billion, representing an increase of 10% compared to the same period, last fiscal year.

The exceeding figure is a result of the FBR’s continued efforts to streamline its tax collection operations and to build further on the existing growth trajectory.

The increase in net revenue for July can largely be attributed to the government’s new policies and revenue measures under the Finance Act 2022.

The FBR had initiated a drive to integrate Tier-1 retailers into a streamlined system for tax collection. Almost 23,265 point of sale terminals have been integrated into the system with a real time POS reporting system, significantly improving the Boards revenue stream.