FBR achieves tax targets with SIFC's help

ISLAMABAD: Federal Board of Revenue (FBR) has achieved tax targets of the third quarter of the current fiscal year with the help of Special Investment Facilitation Council (SIFC), ARY News reported.

According to the details, at the end of the third quarter of the current fiscal year, FBR collected 6.710 trillion rupees in taxes, which is 3 billion rupees more than the target of 6.707 trillion rupees.

With this development, the government is likely to achieve its collection target of 9.415 trillion rupees in the current financial year.

Earlier, the Federal Board of Revenue (FBR) exceeded its nine-month target for fiscal year 2023-24 by Rs3 billion, collecting Rs 6710 billion tax.

FBR Spokesman Afaq Qureshi said that the tax revenue target for the first three quarters of the current fiscal year was Rs 6707 billion. He said that the actual tax revenue collected was Rs 6710 billion, Rs 3 billion more than the target.

The FBR also refunded Rs 369 billion from July 2023 to March 2024, the spokesman said.

Afaq Qureshi said that tax collection increased by 30 per cent as compared to the same term during the last fiscal year,

It may be noted that the FBR has ensured that selected tax offices and bank branches remain open on Saturdays and Sundays to ensure tax collection.