The Federal Board of Revenue (FBR) has exceeded its revenue collection target for the fiscal year 2023-24, securing Rs. 9,306 billion against a target of Rs. 9,252 billion, surpassing expectations by Rs. 54 billion. This achievement marks a robust 30% growth in revenue collection compared to the previous year.
Throughout the year, FBR augmented its collections by Rs. 2,142 billion from last year’s Rs. 7,164 billion, with June 2024 alone contributing Rs. 1,183 billion towards this total, despite a reduction in imports from $55 billion to $53 billion.
In specific tax categories, income tax collection reached Rs. 4,528 billion, up from Rs. 3,270 billion, reflecting a notable 38.4% increase over the same period last year. Sales tax collections amounted to Rs. 3,098 billion, compared to Rs. 2,593 billion previously.
Excise Duty (FED) collections totaled Rs. 576 billion, up from Rs. 370 billion, while Customs Duty collections rose to Rs. 1,104 billion from Rs. 931 billion last year.
Domestic tax collections amounted to Rs. 6,128 billion, with import taxes totaling Rs. 3,178 billion, marking respective growth rates of 37% and 18% despite reduced import volumes during the fiscal year.
Refunds disbursed by the tax authority during FY 2023-24 amounted to Rs. 469 billion, a 42% increase from Rs. 331 billion disbursed in FY 2022-23.
