For the first time, the FBR collected record taxes in the first quarter of the fiscal year

For the first time, the FBR collected record taxes in the first quarter of the fiscal year:

FBR collects over Rs.1000 billion in revenue in first quarter, Rs.426 billion in sales tax.

The Federal Board of Revenue (FBR) collected record taxes in the first quarter of this fiscal year. According to media reports, a report released by the FBR states that the FBR has collected revenue of Rs 1,004 billion in the first quarter of the current financial year. The FBR had targeted to collect revenue of Rs 970 billion in the first quarter of the current financial year but the FBR has collected a record revenue of Rs 1,004 billion.

The FBR has earned an additional revenue of Rs 34 billion this season. According to the FBR report, revenue of Rs 358 billion was collected in the first quarter of the current financial year.

While Rs 426 billion has been collected in sales tax, Rs 56 billion in federal excise duty and Rs 164 billion in customs duty. It may be recalled that this is the first time that the FBR has collected more than Rs 1,000 billion in taxes in the first quarter of a financial year. According to the FBR, collecting so much revenue is a great achievement.