PM applauds FBR team for surpassing May tax collection target

ISLAMABAD: Prime Minister Shehbaz Sharif appreciated Federal Board of Revenue (FBR) officials for surpassing the tax collection target during May 2024.

In a statement, the prime minister said the FBR team had collected taxes of Rs 760 billion during May 2024 against the set target of Rs 745 billion, for which it deserved appreciation.

He highlighted that during the period July-May 2023-24, the tax collection witnessed an increase of 31% against same period of previous year while in May 2024, the tax revenue increased by 43% against same month of the year 2023.

“The significant increase in tax collection shows dedication and hard work by the FBR team,” he added.

The Federal Board of Revenue (FBR) exceeded its revenue target by collecting Rs760 billion during the month of May 2024 against the target of Rs745 billion.

The overall revenues grew by 31 per cent during the first eleven months (July-May) of the fiscal year 2023-24 as compared to the same period last year.

On year-on-year basis, the collections in May 2024 witnessed remarkable growth of 33% as compared to May 2023.

The growth in domestic taxes has been 43% during the month which is very impressive, the statement said adding it has been the policy of the government to mobilize more resources from the domestic taxes.