Islamabad June 30 2024: FBR has comfortably achieved its revenue collection target for FY 2023-24 by collecting PKR 9,306 billion against the target of PKR 9,252 billion, thereby exceeding the yearly target by PKR 54 billion.
The growth in revenue collection is 30% as compared to the last year.
FBR has added PKR 2,142 billion during the year as compared to last year’s collection of PKR 7,164 billion and collected PKR 1,183 billion in the month of June 2024 alone. The target was achieved despite the fact that imports were compressed from USD 55 billion to USD 53 billion.
For the FY 2023-24, FBR collected income tax amounting to PKR 4,528 billion as compared to PKR 3,270 billion during the same period last year, depicting an increase of 38.4%. Similarly, under the head sales tax PKR 3,098 billion was collected as compared to PKR 2,593 billion.
Under the head FED PKR 576 billion was collected as compared to PKR 370 billion. The revenue collection under the head of Customs Duty was PKR 1,104 billion as compared to PKR 931 billion last year.
FBR collected PKR 6,128 billion in domestic taxes and PKR 3,178 billion in import taxes, thereby depicting a growth of 37% in domestic taxes and 18% in imports despite import compression during the current financial year.
Under the directives of the Honourable Prime Minister, FBR disbursed refunds amounting to PKR 469 billion during the FY 2023-24 as compared to PKR 331 billion during the FY 2022-23, which is 42% more than last year.
In addition to exceeding the annual revenue target, the Tax System of Pakistan also witnessed significant structural improvements, which were a direct result of the interest of the Honourable Prime Minister and Finance Minister.
Despite all odds, FBR has remained committed to achieving the targets under all circumstances. It is reiterated that for the assigned revenue collection target for the FY 2024-25, the team FBR is ready to deliver & put in their best efforts to achieve it and serve the nation.
