FBR collects Rs659.2 bln in 1st month of FY 2024-25

Federal Board of Revenue (FBR) has collected Rs 659.2 billion in first month (July) of the current financial year 2024-25 against the set target of Rs 656 billion.

The board has issued refunds of amounting Rs 77.9 billion, said a FBR news release here on Wednesday.

During the month under review, Rs. 300.2 billion was collected under the head of Income Tax, Rs. 307.9 billion under the head of Sales Tax, Rs. 37.4 billion under the head of Federal Excise Duty, and Rs. 91.7 billion under the head of Customs Duty.

FBR has exhibited a promising start for financial year 2024-25 regarding the revenue collection, by putting in an outstanding effort to achieve the monthly tax target despite all the economic challenges faced by the country.

The performance of FBR amidst the current financial and economic difficulties reflects unwavering dedication of the tax officials to achieve the assigned target for the current financial year.

Earlier sources claimed that Federal Board of Revenue (FBR) Chairman Malik Amjad Zubair Tiwana has sought an early retirement from service.

Tiwana has sought retirement with effect from August 15th – six months ahead of reaching the age of superannuation.

Sources said that FBR chief has dispatched the retirement request to the Prime Minister’s Office and the finance minister on Monday evening.

Sources revealed that the senior officers of FBR did not cooperate with Tiwana. Amjad Tiwana was appointed as FBR chief during the caretaker government.