ISLAMABAD: The Federal Tax Administration has exceeded the set revenue collection goal of 6,707 billion rupees in the July-March period (2023-24) and managed to gather 6,710 billion rupees during this time.
Keeping in view current pace of revenue collection, the tax authorities are confident to meet the assigned revenue collection target of Rs 9.4 trillion for 2023-24.
“For the fiscal year 2023-24, the tax system aims to achieve the set revenue goal of Rs 9.4 trillion.
If there is a deficit caused by reduced imports in the upcoming months, it will be addressed by focusing on domestic taxes, particularly direct taxes. Nevertheless, no mini-budget is expected to be implemented during the remainder of the 2023-24 period,” the official stated.
As per the information shared by the FBR on Sunday, by the conclusion of the third quarter in the ongoing fiscal year, they have managed to collect Rs. 6,710 billion. This amount was aimed to be achieved through a target of Rs. 6,707 billion for the initial nine months. This demonstrates a growth of Rs. 3 billion.
During the period of July to March in the years 2023-24, the FBR has issued refunds totaling Rs. 369 billion, which is a significant increase from the Rs. 254 billion issued during the same period in the previous year.
The Federal Board of Revenue (FBR) has observed a 30% increase in revenue collection during the initial nine months of the current financial year. In March 2024, they successfully achieved their set goal of collecting Rs. 879 billion.
In comparison to the previous year’s March, refunds amounting to Rs. 67 billion were issued, which is a significant rise from the Rs. 22 billion refunded in March 2023.
