FBR surpasses tax collection targets, exceeds previous year’s figures

ISLAMABAD (PEN) : The Federal Board of Revenue (FBR) has reported a significant increase in tax collection during the first seven months of the fiscal year 2023-24, exceeding both targets and previous fiscal year figures.

According to FBR officials, tax collection during this period surpassed the target by Rs 35 billion, totaling Rs 5,150 billion collected from July to January.

Comparatively, the target for revenue collection during the seven-month period was set at Rs 5,115 billion. This marks a noteworthy achievement for the FBR, indicating robust performance in revenue generation.

Moreover, when compared to the corresponding period of the previous fiscal year 2022-23, tax collection saw a substantial increase of Rs 1,177 billion, totaling Rs 3,973 billion in the first seven months of 2022-23.

Highlighting the month of January 2024, the FBR disclosed that revenues amounted to Rs 681 billion, showcasing a notable surge from the Rs 545 billion collected during the same period in the preceding financial year. This upward trend in tax collection reflects the FBR’s continued efforts to enhance revenue streams and meet fiscal targets amidst economic challenges.

The FBR’s achievement in surpassing revenue collection targets and outperforming previous fiscal year figures underscores the effectiveness of fiscal policies and tax administration reforms. As Pakistan navigates through economic uncertainties, the FBR’s success in revenue mobilization serves as a positive indicator of economic resilience and fiscal stability.