The Federal Board of Revenue (FBR) achieved a collection of Rs9.285 trillion during the fiscal year 2023-24, slightly surpassing the revised target of Rs9.252 trillion.
Initially set at Rs9.415 trillion, the budgetary target was adjusted downward to exclude taxes delayed in superior courts due to non-implementation of measures announced in the 2023-24 budget.
Legal stays on the collection of super tax and windfall income tax contributed to shortfalls in sales tax, Federal Excise Duty (FED), and customs duty, despite income tax collections exceeding targets.
Income tax collections reached Rs4.512 trillion, surpassing the revised target of Rs3.721 trillion by 21.25%. However, sales tax collections amounted to Rs3.096 trillion, falling short of the Rs3.607 trillion target by 14.16% even after revision.
Federal excise duty collections totaled Rs576 billion, missing the Rs600 billion target by 4%. Customs duty collections stood at Rs1.101 trillion against a target of Rs1.324 trillion, marking a shortfall of 16.84%.
An FBR official highlighted the challenges posed by legal impediments to tax collection and emphasized the need for streamlined implementation of fiscal measures to enhance revenue performance in future fiscal years.
