Prime Minister Shehbaz Sharif has appreciated the Federal Board of Revenue (FBR) officials for surpassing the tax collection target during May 2024, reported 24NewsHD TV channel.

In a statement issued on Saturday, PM Shehbaz Sharif said the FBR team had collected taxes of Rs760 billion during May 2024 against the set target of Rs745 billion, for which it deserved appreciation.

The prime minister said increasing the revenues to ensure economic stability and development in the country was top priority of the government.

He highlighted that during the period July-May 2023-24, the tax collection witnessed an increase of 31% against same period of previous year while in May 2024, the tax revenue increased by 43% against same month of the year 2023. “The significant increase in tax collection shows dedication and hard work by the FBR team,” he added.

Earlier, the Federal Board of Revenue (FBR) exceeded its revenue target by collecting Rs760 billion during the month of May 2024 against the target of Rs745 billion.

The overall revenues grew by 31% during the first eleven months (July-May) of the fiscal year 2023-24 as compared to the same period last year. On year-on-year basis, the collections in May 2024 witnessed remarkable growth of 33% as compared to May 2023.

The growth in domestic taxes has been 43% during the month which is very impressive, the statement said, adding it has been the policy of the government to mobilize more resources from the domestic taxes.

Team FBR has put in a lot of effort to achieve assigned revenue targets, it added.

The Chairman FBR appreciated the determination and hard work depicted by FBR officers and officials.

FBR is poised to achieve assigned target for the last month of the current financial year June, 2024, the statement added.