FBR collects over Rs800 billion in tax by Jan 30

KARACHI: The Federal Board of Revenue (FBR) has collected over Rs800 billion in tax by January 30, 2025, ARY News reported.

According to FBR officials, the revenue target for January 2025 was set at Rs956 billion. While the FBR is close to achieving its monthly target, officials are confident that the remaining amount will be collected soon.

The FBR has also set a revenue collection target of Rs 3150 billion for the period between January and March 2025. With economic activities expected to pick up pace in March, officials are optimistic that revenue collection will improve further.

In December 2024, the FBR achieved a record-breaking tax collection of Rs1330 billion, the highest ever in its history. During the first six months of the fiscal year, the FBR collected Rs5624 billion in tax revenue, with a shortfall of Rs384 billion.

Earlier it was reported that the Large Taxpayer Office (LTO) Karachi set a new record in tax collection, reporting a 20 percent increase in tax receipts compared to the same period last year.

Reports suggest that, during the first five months of the fiscal year 2024-25, LTO Karachi collected Rs1,110 billion in taxes, a significant rise from Rs924 billion in the corresponding period of the previous fiscal year.

LTO Karachi’s direct tax collection during the first five months amounted to Rs542 billion, up from Rs451 billion in the same period last year, marking a 20pc increase. The office also issued Rs47 billion in refunds over the same period.

Indirect and sales tax collection by LTO Karachi saw an 18pc rise, accumulating Rs494 billion in the first five months. This compares to Rs420 billion collected in the corresponding period last year.