The Federal Board of Revenue (FBR) has reached an important 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 billion, which is Rs 54 billion more than the target set.
This remarkable achievement shows a 30% increase compared to the previous fiscal year’s collection. In June 2024 alone, the FBR collected Rs 1,183 billion, significantly boosting the overall total. This success highlights the crucial role of the FBR in Pakistan’s economic system.
Despite a decrease in imports, the FBR managed to increase revenue through improved domestic taxation and strategic policy changes. These changes included higher direct taxes on high-income groups and measures to support business growth.
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The record-breaking revenue collection reflects the FBR’s strict enforcement of tax policies. This accomplishment emphasizes the agency’s effectiveness in promoting economic stability and growth in Pakistan, demonstrating its ability to adapt and succeed in challenging circumstances.