FBR bags Rs760 billion revenue in Mayp; faces shortfall of Rs34 billion during 11-month

Federal Bureau of Revenue (FBR) has achieved Rs760 billion revenue targets which is more than its targets set for May 2024, reported 24NewsHD TV channel.

However, during 11 months of this financial year, FBR faces a shortfall of Rs34 billion from its tax collection target.

In May 2024, 760 billion rupees were collected by the FBR against the fixed target of 745 billion rupees. The revenue collection body registered an extraordinary growth of 33 percent in May 2024 compared to May 2023.

Domestic taxes have seen an increase of 43 percent in May.

Chairman FBR has appreciated the commitment and hard work of FBR officers and staff who worked tirelessly to achieve the revenue targets.

Meanwhile, during the 11 months of this financial year, FBR faced a revenue shortfall of Rs34 billion from the tax collection target. The FBR has set a target of Rs8159 billion rupees in 11 months of this financial year but the tax collection stood at Rs 8125 billion. During the last month of the current financial year ie, June 2024 the target is set at Rs1256 billion. The target of tax collection for the current fiscal year is more than 9381 billion rupees.