The Federal Board of Revenue (FBR) has surpassed the revenue target for the first month (July) of the current fiscal year 2024-25.
According to a press release, FBR collected net revenue of Rs. 659.2 billion against the set target of Rs. 656 billion, despite the issuance of refunds amounting to Rs 77.9 billion.
During this period, Rs 300.2 billion was collected under the head of Income Tax, Rs. 307.9 billion under the head of Sales Tax, Rs. 37.4 billion under the head of Federal Excise Duty, and Rs. 91.7 billion under the head of Customs Duty.
FBR has exhibited a promising start for the financial year 2024-25 regarding revenue collection, by putting in an outstanding effort to achieve the monthly tax target despite all the economic challenges faced by the country, it said.
The International Monetary Fund (IMF) and the FBR have agreed on an annual tax collection target of Rs 12,913 billion for 2024-25, compared to Rs 9,311 billion collected in the previous fiscal year 2023-24.
