The Federal Board of Revenue (FBR) has achieved a significant milestone by surpassing its revenue collection target for the fiscal year 2023-24. The top tax collection agency reported a total revenue of Rs 9.306 trillion, exceeding the target by Rs 54 billion.
This achievement marks a 30% increase compared to the previous fiscal year’s collection. In June 2024 alone, the FBR collected Rs 1.183 trillion, which contributed significantly to the overall total. This success underscores the crucial role of the FBR in Pakistan’s economy.
Despite a decline in imports, the FBR managed to boost revenue through enhanced domestic taxation and strategic policy adjustments. These measures included higher direct taxes on high-income earners and initiatives to support business expansion.
The record-breaking revenue collection showcases the FBR’s rigorous enforcement of tax policies. This accomplishment highlights the agency’s effectiveness in fostering economic stability and growth in Pakistan, demonstrating its resilience and ability to thrive amid challenging conditions.
