Breaking News: FBR Exceeds Revenue Collection Target for FY 2023-24
The Federal Board of Revenue (FBR) has surpassed expectations by collecting an impressive Rs9.306 trillion in fiscal year 2023-24, exceeding the target of Rs9.252 trillion by Rs54 billion. This remarkable achievement represents a 30% growth in revenue collection compared to the previous year, driven by historic collection milestones throughout the fiscal year.
Notably, FBR has witnessed substantial progress in structural improvements within the Tax System of Pakistan, a direct outcome of the government’s emphasis on domestic resource mobilization and fair taxation practices. With a focus on direct taxes, the revenue collection target was primarily met through a 47% contribution from direct taxes and a 65% share of domestic taxes in the total revenue collection.
Despite challenges, FBR officers and officials have demonstrated unwavering dedication to achieving revenue targets, setting a promising outlook for Pakistan’s economic growth. As the team gears up for FY 2024-25, there is a renewed commitment to serving the nation and delivering optimal results.