Federal Board of Revenue surpasses revenue target for 2023-24

The Federal Board of Revenue (FBR) has achieved a significant milestone by surpassing its revenue collection target for the fiscal year 2023-24. In the previous fiscal year, the FBR collected Rs 9,306 billion, exceeding the target by Rs 54 billion. This accomplishment marks a remarkable 30% increase compared to the previous year's collection. The month of June 2024 alone contributed Rs 1,183 billion to the total revenue.

Despite a decrease in imports, the FBR successfully boosted revenue through higher domestic taxation and strategic policy adjustments designed to support businesses and increase direct taxation from higher-income groups. This record revenue collection by the FBR underscores the effective implementation of tax policies, underscoring its vital role in the country's economic structure.

The Federal Board of Revenue's achievement in surpassing its revenue collection target for the fiscal year 2023-24 demonstrates the effectiveness of its tax policies and strategic adjustments. This success not only highlights the FBR's crucial role in the country's economy but also signifies a positive step towards financial stability and growth. The FBR's dedication to enhancing revenue collection sets a strong foundation for economic prosperity and sustainable development in Pakistan.