The Federal Board of Revenue (FBR) informed Caretaker Finance Minister Dr. Shamshad Akhtar that the tax machinery would achieve the revenue collection target for the second quarter (October-December) of 2023-24.
The Caretaker Minister for Finance, Revenue, & Economic Affairs, Dr. Shamshad Akthar held a Meeting with Chairman FBR and his team and reviewed FBR reform and measures to enhance the revenue. She directed Chairman FBR to make all-out efforts to improve the efficiency of PRAL to facilitate the taxpayers.
The FBR has informed the caretaker Finance Minister that it has started restructuring Pakistan Revenue Automation Limited (PRAL).
During the meeting, the caretaker Finance Minister raised a question about the performance of the PRAL and how the performance of the PRAL can be improved, sources said. In this regard, the FBR has issued a notification on the constitution of sub-groups for the restructuring and revitalization of PRAL.
The FBR informed that it has provisionally collected Rs. 2,748 billion during the first four months (July-October) 2023-24 against the assigned target of Rs. 2,682 billion, exceeding the target by Rs. 66 billion.
The FBR collected Rs. 707 billion in October 2023 as compared to the target of Rs. 705 billion, reflecting an increase of Rs. 2 billion.
According to the FBR, the board has achieved the revenue collection target for the fourth consecutive month with 43 percent domestic and 37 percent overall growth.
During the period July to October 2023, the FBR has collected Rs.2,748 billion against the assigned target of Rs. 2,682 billion, thereby exceeding it by Rs. 66 billion.
The FBR has collected Rs. 2,748 billion during July-October (2023-24) against Rs. 2,159 billion in the same period of 2022-23, reflecting an increase of Rs. 589 billion.
The FBR also shared a comprehensive strategy to deal with the non-filers and documentation of the economy with the help of third-party data including provincial databases. Total returns filed up to 31st October 2023 for the tax year 2023 were 2.9 million approximately as against 2.57 million filed during a similar period of the previous year showing an increase of 330,000.
