FBR Breaks Records with 30% Increase in Tax Revenues

FBR Breaks Records with 30% Increase in Tax Revenues

Islamabad: The Federal Board of Revenue (FBR) has announced that it collected more taxes than its target in the first seven and a half months of the current financial year.

In a recent statement, FBR announced its notable accomplishments in tax collection. The FBR highlighted that December 2023 marked the highest tax collection month, which signaled a favorable revenue trend.

As of February 15, 2024, the FBR collected a significant amount of PKR 5,150 billion, exceeding the projected target by a considerable margin. Comparing data from July 2023 to February 15, 2024, the FBR disclosed a noteworthy 30% increase in tax revenues compared to the same period in the previous fiscal year. During the corresponding period last year, the FBR had collected Rs 3,973 billion in taxes.

Upon examining the data, the FBR has reported noteworthy increases in several tax categories. These include a 40% escalation in income tax, a 19% surge in sales tax, a 14% upswing in customs duty, and a remarkable 61% upsurge in federal excise duty. These figures indicate that the FBR has made significant strides in enhancing revenue collection and improving tax compliance.

These figures highlight the effectiveness of the FBR’s tax collection strategies, which have positively impacted the country’s economic performance. The increased revenue collection is expected to help vital government initiatives and investments to promote economic growth and development. For the latest Real Estate News and Blogs, visit Realtorspk blogs.

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