FBR exceeds July-March tax collection target

Islamabad: The Federal Board of Revenue (FBR) has exceeded its nine-month target for fiscal year 2023-24 by Rs3 billion, collecting Rs 6710 billion tax, ARY News reported.

Talking to ARY News, 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.

The FBR has also released the ‘Tajir Dost Scheme’, which will be implemented in the metropolitan cities including Karachi, Lahore, Peshawar, Quetta and Islamabad.

Under the Tajir Dost Scheme, the tax collection will begin from 1^st July 2024.

Read More: FBR to charge income tax from five categories of retailers

The FBR will kick-start registration in the Tajir Dost Scheme in major cities — Karachi, Lahore, Peshawar, Islamabad and Rawalpindi — in the first phase and the tax collection will be made effective from July 1.

The notification regarding the mandatory registration of retailers has been issued. Under the scheme, the traders who pay their tax before 15 of every month will get 25pc concession.

The traders will be charged tax on the yearly rental value of the shop and every shopkeeper has to at least Rs1200 income tax on a yearly basis.