Islamabad: The Federal Board of Revenue (FBR) has successfully exceeded its revenue collection target for the fiscal year 2023-24, gathering Rs. 9,306 billion against a set target of Rs. 9,252 billion. This accomplishment marks a significant margin of achievement and highlights a robust year of revenue intake for Pakistan.
According to Press Information Department, the FBR’s performance included historic collections throughout the financial year, with a noteworthy increase of 30% compared to the previous year. Despite a reduction in imports, from $55 billion to $53 billion, the shortfall was effectively compensated through enhanced domestic tax collections. Structural improvements in Pakistan’s tax system, as directed by the Prime Minister and the Finance Minister, have led to significant strides in domestic resource mobilization and direct taxation.
The FBR disbursed refunds amounting to Rs. 469 billion during the year, up 42% from the previous fiscal year. This strategic focus resulted in a 37% growth in domestic taxes and an 18% rise in import taxes. Income tax alone saw an increase of 38.4%, reflecting the government’s emphasis on taxing the affluent more heavily. The FBR remains committed to maintaining and enhancing its revenue collection efforts in the coming years, crucial for Pakistan’s economic growth.