FBR exceeds revenue target by Rs35bn in seven months

The Federal Board of Revenue (FBR) has collected Rs 5,150 billion in the first seven months (July-Jan) of the current fiscal year (FY24), surpassing the set target of Rs 5,115 billion by Rs 35 billion.

This represents a growth of 29.6% from the Rs 3,973 billion collected in the same period of the previous fiscal year (FY23).

The FBR maintained its impressive performance in January 2024, collecting Rs 681 billion, which is 24.95% higher than the Rs 545 billion collected in January 2023.

However, the FBR fell short by Rs 9 billion of its target of Rs 690 billion for January 2024.

The FBR also exceeded the six-month (July-Dec) target of Rs 4,425 billion, as agreed with the International Monetary Fund (IMF), by Rs 43 billion, collecting Rs 4,468 billion. This shows an increase of more than Rs 1 trillion from the Rs 3,428 billion collected in the corresponding six months of FY23.

The FBR achieved these results despite issuing refunds of Rs 230 billion, compared to Rs 177 billion in the same period of FY23, and facing import compression.

The Chairman FBR praised the efforts of Member (Customs Operations), Member (IR Operations), and their teams for accomplishing this challenging task.