ISLAMABAD: The Federal Board of Revenue (FBR) has exceeded its revenue target for May 2024, collecting Rs760 billion against the set target of Rs745 billion, according to an announcement on Friday.
Impressive Growth in Revenue
The FBR reported a significant overall revenue growth of 31% during the first eleven months (July-May) of the fiscal year 2023-24 compared to the same period last year. On a year-on-year basis, May 2024 collections saw a remarkable increase of 33% compared to May 2023.
Domestic Tax Collection Surge
A substantial part of this growth is attributed to domestic taxes, which surged by 43% in May. The FBR highlighted that this increase aligns with the government’s policy to mobilize more resources through domestic tax collection, demonstrating the effectiveness of their strategy.
Commendation from Leadership
FBR Chairman expressed his appreciation for the dedication and hard work of the FBR officers and officials. He indicated that the board is well-positioned to meet the assigned target for June, the final month of the current financial year.
Prime Minister Shehbaz Sharif also commended the FBR officials for their outstanding performance. In his statement, the Prime Minister emphasized that increasing revenues to ensure economic stability and development is a top priority for the government. “The significant increase in tax collection shows dedication and hard work by the FBR team,” he noted.