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The Federal Board of Revenue (FBR) has declared that tax collection has performed well for the first seven and a half months of the current fiscal year, surpassing its objective.
The FBR highlighted noteworthy accomplishments, pointing out that the most extensive tax collection occurred in December 2023, demonstrating a promising trend in revenue creation.
By a wide margin, the FBR has collected PKR 5,150 billion as of February 15, 2024, much above the estimated objective.
The FBR found that tax receipts increased by 30% between July 2023 and February 15, 2024, compared to the same time in the prior fiscal year. The FBR had taken in Rs 3,973 billion in tax revenue in the same time frame as the previous year.
Breaking down the numbers revealed significant rises in several tax categories, including a 40% increase in income tax, a 19% increase in sales tax, a 14% increase in customs duty, and a 61% increase in federal excise duty.
These numbers highlight the FBR’s efforts and successful tax-collecting tactics, which benefit the nation’s overall economic performance. Anticipated higher tax collection is expected to support vital government programs and expenditures that aim to promote economic development and expansion. Pakish News
