FBR in Pakistan Exceeds Revenue Target for May 2024

The Federal Board of Revenue (FBR) in Pakistan has achieved a significant milestone by surpassing its revenue collection target for May 2024. The FBR collected an impressive Rs. 760 billion, exceeding the set target of Rs. 745 billion. This accomplishment reflects a remarkable 31% increase in total revenues for the first eleven months of the fiscal year 2023-24 when compared to the previous year. Notably, May 2024 witnessed a remarkable 33% growth in revenue collection compared to May 2023, with domestic taxes registering an outstanding 43% increase.

The success in revenue collection can be attributed to the government's strategic focus on enhancing domestic tax mobilization. The concerted efforts of Team FBR have played a pivotal role in achieving this feat. The Chairman of FBR has lauded the dedication and hard work of FBR officers and officials in meeting and exceeding the revenue targets. Looking forward, the FBR is well-positioned to achieve the revenue target for the final month of the current financial year, June 2024.

The Federal Board of Revenue's exceptional performance in surpassing the revenue target for May 2024 underscores the effectiveness of its strategies and the commitment of its workforce. The consistent growth in revenue collection reflects positively on the country's economic outlook and fiscal stability. As the FBR continues its efforts to enhance revenue generation, it sets a promising trajectory for sustainable financial growth and development in Pakistan.