Islamabad: The Federal Board of Revenue (FBR) has announced robust tax collection performance, surpassing its target for the first seven and a half months of the current financial year, according to local news sources. In a statement highlighting its achievements, the FBR noted that December 2023 marked the highest tax collection month, signaling a favorable revenue trend.
As of February 15th, 2024, the FBR has collected a significant PKR 5,150 billion, exceeding the projected target by a considerable margin. Comparing data from July 2023 to February 15, 2024, the FBR disclosed a notable 30% increase in tax revenues compared to the same period in the previous fiscal year. During the corresponding period last year, the FBR had collected Rs 3,973 billion in taxes.
Breaking down the numbers, the FBR reported substantial increases across various tax categories, including a 40% surge in income tax, a 19% rise in sales tax, a 14% increase in customs duty, and a remarkable 61% uptick in federal excise duty.
These figures underscore the efficacy of the FBR’s tax collection strategies, positively impacting the country’s economic performance, read the news report. The enhanced revenue collection is anticipated to support crucial government initiatives and investments aimed at fostering economic growth and development.
