The Federal Board of Revenue (FBR) has announced a strong performance in tax collection, exceeding its target for the first seven and a half months of the current financial year.
Highlighting notable achievements, the FBR noted that December 2023 saw the highest tax collection, indicating a positive trend in revenue generation.
As of February 15th, 2024, the FBR has collected a staggering PKR 5,150 billion, exceeding the projected target by a significant margin.
Comparing figures from July 2023 to February 15, 2024, the FBR revealed 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 figures, the FBR reported significant increases across various tax categories, with 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 efforts and effectiveness of the FBR's tax collection strategies, reflecting positively on the overall economic performance of the country. The increased revenue collection is expected to contribute to essential government initiatives and investments aimed at driving economic growth and development.
