FBR achieves tax collection target for FY 2023-24

ISLAMABAD: Federal Board of Revenue (FBR) has achieved its tax target for financial year 2023-24, ARY News reported on Monday.

The FBR collected Rs 9,306 billion against the revised target of Rs 9,252 billion thereby exceeding the yearly target by Rs 54 billion.

The International Monetary Fund (IMF) had earlier fixed Rs. 9,400 billion tax collection target to the FBR.

The revenue is expected to further increase after reconciliation of figures. The growth in revenue collection is 30% as compared to the last year.

FBR has added Rs. 2,142 billion during the year as compared to the last year collection of Rs. Rs. 7,164 billion and Rs. 1,183 billion in the month of June 2024.

In the FY 2023-24, domestic taxes increased by 37 pct and import taxes by 18%. The domestic taxes share remained 65% in tax collection.

The FBR collected income tax amounting to Rs 4,528 billion as compared to Rs. 3,270 billion during the same period last year, an increase of 38.4%. Meanwhile, under the head of sales tax Rs 3,098 billion collected as compared to Rs 2,593 billion in previous year.

Under the head Federal Excise Duty (FED) Rs 576 billion collected as compared to Rs 370 billion in previous year. The revenue collection under the head of customs duty was Rs 1,104 billion as compared to Rs 931 billion in last year.