AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad, The Federal Board of Revenue (FBR) has successfully exceeded its revenue collection target for the fiscal year 2023-24 by Rs. 54 billion, gathering a total of Rs. 9,306 billion against a target of Rs. 9,252 billion. This achievement marks a 30% increase in revenue compared to the previous year, with further growth anticipated following the reconciliation of figures.
According to Federal Board of Revenue, this fiscal accomplishment was fueled by robust collections throughout the year, including a record Rs. 2,142 billion increase over the previous year’s totals. Notably, June 2024 alone saw collections of Rs. 1,183 billion. This performance is particularly significant given the reduction in imports from $55 billion to $53 billion, necessitating greater reliance on domestic tax revenues.
The FBR’s success this year also reflects substantial structural improvements within Pakistan’s Tax System, influenced by the policies of the Prime Minister and the Finance Minister focusing on domestic resource mobilization and direct taxation. The year witnessed a 42% increase in refunds disbursed, with direct taxes making up 47% of total revenue, an increase from previous years. Income tax alone rose by 38.4%, reaching Rs. 4,528 billion.
Despite challenges, the dedication of FBR’s staff to achieving and surpassing revenue targets has been pivotal to the organization’s success. The FBR is now gearing up to meet the targets set for FY 2024-25, continuing its commitment to national economic growth.
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