FBR Achieves Revenue Target for Fiscal Year 2023-24

Islamabad: The Federal Board of Revenue (FBR) has successfully achieved its revenue target for the fiscal year 2023-24. Against the target of Rs. 9252 billion, the FBR collected Rs. 9306 billion, surpassing the goal by Rs. 54 billion.

The FBR reported a 30% increase in revenue collection compared to the previous fiscal year. Last year, Rs. 7164 billion was collected, while this year saw an additional Rs. 2142 billion. In June 2024 alone, Rs. 1183 billion was collected.

Structural improvements in Pakistan's tax system are credited to the direct involvement of the Prime Minister and the Finance Minister. The policy shift focused on mobilizing domestic resources and increasing direct taxes on affluent and well-off segments of the population.

Refunds were issued to facilitate businesses and exporters, with Rs. 469 billion in refunds released during FY 2023-24, compared to Rs. 331 billion last year.

Direct taxes accounted for 47% of the total revenue this fiscal year. The FBR collected Rs. 6128 billion in domestic taxes and Rs. 3178 billion in import taxes, marking increases of 37% and 18%, respectively. Domestic taxes constituted 65% of the total revenue collection, up from less than 50% two years ago.

Breakdown of the revenue includes Rs. 4528 billion from income tax, Rs. 3098 billion from sales tax, Rs. 576 billion from federal excise duty, and Rs. 1104 billion from customs duty.

The FBR emphasized that Pakistan's economic growth is closely linked to achieving revenue collection targets. FBR officials and employees are determined to meet all challenges, with Team FBR committed to utilizing all resources to achieve the targets set for FY 2024-25.