The Federal Board of Revenue (FBR) has achieved a significant milestone by collecting gross revenues of Rs1,588 billion during the first two months of the current fiscal year 2024-25, exceeding its target of Rs1,554 billion. This represents a net revenue collection of Rs1,456 billion and refunds of Rs132 billion, a 44% increase from last year.
The FBR has seen notable growth in domestic income tax, domestic sales tax, and Federal Excise Duty (FED), with year-on-year increases of 36%, 40%, and 13%, respectively. However, the import side has seen a decline due to compression in imports, impacting Customs duties and other taxes collected at the import stage.
Despite this, FBR’s overall growth in net collection registered a 21% increase from the previous year. The board is likely to achieve its revenue targets for the first quarter, thanks to expected economic activity and import growth in September.
The FBR’s digitization and reform efforts, supervised by the Prime Minister and Finance Minister, are also contributing to the growth. These reforms include end-to-end monitoring of supply chains, automated production monitoring, and integrity management of the FBR workforce.
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