Islamabad: The Federal Board of Revenue (FBR) has announced a successful start to the current fiscal year, surpassing its revenue target for July 2024. The agency collected Rs. 659.2 billion against a projected Rs. 656 billion, demonstrating robust financial management despite substantial refunds and ongoing economic challenges.

According to Federal Board of Revenue, the achievement includes collections from various tax domains: Rs. 300.2 billion from Income Tax, Rs. 307.9 billion from Sales Tax, Rs. 37.4 billion from Federal Excise Duty, and Rs. 91.7 billion from Customs Duty. This performance is notable given the issuance of refunds totaling Rs. 77.9 billion during the month, underlining the effectiveness of FBR’s strategies and the dedication of its staff in meeting fiscal objectives amid difficult economic conditions.

This promising fiscal start is seen as a reflection of the FBR’s commitment to maintaining and enhancing the nation’s revenue streams as it navigates through financial and economic adversities.