The Federal Board of Revenue (FBR) on Sunday announced it “comfortably” achieved its revenue collection target for fiscal year 2023-24, amassing Rs. 9,306 billion against the budgeted target of Rs. 9,252 billion, reflecting a 30 percent growth compared to the year prior.
In a statement, the tax authority said it had added Rs. 2,142 billion to the revenue collection of Rs. 7,164 billion in fiscal year 2024-25, including Rs. 1,183 billion in June 2024 alone. “The target was achieved despite the fact that imports were compressed from $55 billion to $53 billion,” it said, adding its income tax collection had risen from Rs. 3,270 billion to Rs. 4,528 billion, an increase of 38.4%.
“Similarly, under the head sales tax, Rs. 3,098 billion was collected as compared to Rs. 2,593 billion,” it said. On Federal Excise Duty, the FBR collected Rs. 576 billion compared to Rs. 370 billion last year, while Customs Duty climbed to Rs. 1,104 billion compared to Rs. 931 billion in FY2022-23.
According to the FBR, it collected Rs. 6,128 billion in domestic taxes and Rs. 3,178 billion in import taxes, a 37% and 18% increase, respectively. “Under the directives of the honorable prime minister, FBR disbursed refunds amounting to Rs. 469 billion during the FY 2023-24 as compared to Rs. 331 billion during the FY 2022-23, which is 42% more than last year,” it added.
Apart from exceeding the annual revenue target, read the statement, the FBR also undertook significant structural improvements in the country’s tax system during the previous fiscal year. “Despite all odds, FBR has remained committed to achieving the targets under all circumstances,” it said. “It is reiterated that for the assigned revenue collection target for the FY 2024-25, the team FBR is ready to deliver and put in their best efforts to achieve it and serve the nation,” it added.
According to the recently-passed Finance Bill 2024, the FBR has been tasked with collecting Rs. 12.97 trillion in the new fiscal year 2024-25, which is 38% higher than the previous fiscal year.