The Federal Board of Revenue (FBR) has comfortably achieved its revenue collection target for FY 2023-24 by collecting Rs. 9,306 billion against the target of Rs. 9,252 billion, thereby exceeding the yearly target by Rs. 54 billion. The growth in revenue collection is 30 percent as compared to the last year.
FBR has added Rs. 2,142 billion during the year as compared to last year’s collection of Rs. 7,164 billion and collected Rs. 1,183 billion in the month of June 2024 alone. The target was achieved even though imports were compressed from $55 billion to $53 billion.
For the FY 2023-24, FBR collected income tax amounting to Rs. 4,528 billion as compared to Rs. 3,270 billion during the same period last year, depicting an increase of 38.4 percent. Similarly, under the head sales tax, Rs. 3,098 billion was collected as compared to Rs. 2,593 billion.
Under the head FED Rs. 576 billion was collected as compared to Rs. 370 billion. The revenue collection under the head of Customs Duty was Rs. 1,104 billion as compared to Rs. 931 billion last year.
FBR collected Rs. 6,128 billion in domestic taxes and Rs. 3,178 billion in import taxes, thereby depicting a growth of 37 percent in domestic taxes and 18 percent in imports despite import compression during the current financial year.
The tax machinery disbursed refunds amounting to Rs. 469 billion during the FY 2023-24 as compared to Rs. 331 billion during the FY 2022-23, which is 42 percent more than last year.
