FBR collects record Rs9,306 billion tax during FY 2023-24

Federal Bureau of Revenue (FBR) has achieved a revised revenue target for FY 2023-24 and collected a tax of Rs9306 billion while the revised target was Rs9,252 billion, reported 24NewsHD TV channel.

FBR claimed that Rs54 billion more were collected till June 30 and revenue collection increased by 30 per cent compared to last financial year. FRB claimed that during the FY2024 Rs2142 billion rupees were collected while in the previous financial year more than Rs7164 billion collected. During June 2024, FBR collected Rs1183 billion.

FBR also said that due to the direct interest of the Prime Minister and the Finance Minister, Pakistan's tax system registered significant structural improvements.

Moreover, the policy shift led to greater focus on local resource mobilisation. Direct taxes were increased while huge funds were refunded to traders and exporters.

In the light of Prime Minister's directives, refunds of Rs469 billion were issued during the financial year 2023-24. FBR said refunds worth Rs 331 billion were issued in the last financial year. During the current financial year, the share of direct taxes stood at 47 percent.

FBR collected 6128 billion rupees in domestic taxes and 3178 billion rupees in import taxes. Domestic taxes increased by 37 percent and import taxes by 18 percent. Domestic taxes accounted for 65 percent of revenue collection while Rs4528 billion were collected as income tax. Rs 3098 billion were collected in the form of sales tax.

FBR claimed that Rs576 billion were collected in the name of federal excise duty and Rs1104 billion were collected in the name of customs duty.

Reporter: Waqas Azeem