FBR falls 6.47pc short of their target for FY23.

12:58 PM | 3 Jun, 2023
FBR falls 6.47pc short of their target for FY23.
Source: File Photo

KARACHI - The Federal Board of Revenue (FBR) missed its collection target for the first 11 months of fiscal year 2023 (11MFY23) by Rs430bn, or 6.47 percent, to Rs6.21tr, compared to the objective of Rs6.64tr, leaving a big gap to fill in June to meet the yearly target.

According to the statement, against a target of Rs. 621 billion, FBR was able to collect Rs.572 billion net revenue, while refunds amounting to Rs33bn were issued during the month.

The board collected Rs205bn in May 2023 under the head of domestic income tax compared to Rs131bn in May 2022, thereby showing a growth of 57%.

A healthy year-on-year growth of 28% was achieved in the domestic sales tax with collection of almost Rs100bn.

Around Rs41bn were collected as Federal Excise Duty (FED) showing a year-on-year increase of 32%. A cumulative growth of almost 44% has been achieved in the collection of domestic taxes.

“This is despite the fact that the economy has slowed down and GDP growth rate has been revised downward. Cumulative growth of almost 44% has been achieved in the collection of domestic taxes,” the statement added.

On the import side, same momentum could not be maintained due to unprecedented compression in imports. In US$ terms, imports in the country declined by 37% in May 2023 compared to May 2022, the statement added.

Moreover, the import of high duty items such as vehicles, home appliances, as well as miscellaneous consumer goods such as garments, fabrics, footwear etc have been drastically reduced, changing the import mix.

This has impacted collection of Customs duties and other taxes, it said adding despite 18% dip in collection of Customs duties, and 11% decline in overall tax collection at import stage, FBR’s overall growth was registered at 16% compared to previous year.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on October 1, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on October 1, 2023 (Sunday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 286.05 289.15
Euro EUR  307 310
UK Pound Sterling GBP 353.3 357
U.A.E Dirham AED 80 80.8
Saudi Riyal SAR 76 76.75
Australian Dollar AUD 189 191
Bahrain Dinar BHD 778.84 786.84
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.24 40.64
Danish Krone DKK 41.83 42.23
Hong Kong Dollar HKD 37.93 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.63 1.71
Kuwaiti Dinar KWD 945.27 954.27
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.58 176.58
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.31 770.31
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 323.01 325.51
Thai Bhat THB 8.12 8.27

Gold Rate in Pakistan Today – October 1, 2023

Today Gold Rate in Pakistan

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 202,800 on Sunday.

The price of 10 grams of 24k gold was recorded at Rs 173,870.

Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 1 October 2023

City Gold Silver
Lahore PKR 202,800 PKR 2,420
Karachi PKR 202,800 PKR 2,420
Islamabad PKR 202,800 PKR 2,420
Peshawar PKR 202,800 PKR 2,420
Quetta PKR 202,800 PKR 2,420
Sialkot PKR 202,800 PKR 2,420
Attock PKR 202,800 PKR 2,420
Gujranwala PKR 202,800 PKR 2,420
Jehlum PKR 202,800 PKR 2,420
Multan PKR 202,800 PKR 2,420
Bahawalpur PKR 202,800 PKR 2,420
Gujrat PKR 202,800 PKR 2,420
Nawabshah PKR 202,800 PKR 2,420
Chakwal PKR 202,800 PKR 2,420
Hyderabad PKR 202,800 PKR 2,420
Nowshehra PKR 202,800 PKR 2,420
Sargodha PKR 202,800 PKR 2,420
Faisalabad PKR 202,800 PKR 2,420
Mirpur PKR 202,800 PKR 2,420


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