In the first two months of the financial year, 34 billion rupees more than the target was collected. Spokesman FBR
Islamabad ( Web News )
The Federal Board of Revenue collected a total of 1588 billion rupees in revenue during the first 2 months of this fiscal year, July and August, and collected 34 billion rupees more than the target. Released by FBR. According to the statement, the target of tax collection for two months was set at 1554 billion rupees, but the agency collected 1588 billion rupees, out of which the net revenue of 1456 billion rupees was collected. 132 billion rupees to the exporters to solve liquidity problems. refunds have been issued, which is 44% more than the same period last year. FBR collected Rs 593 billion in income tax, while Rs 437 billion was collected in July-August 2023. Thus, 36 percent more revenue was collected in this regard. Sales tax collected Rs 314 billion, which shows a healthy increase of 40 percent on annual basis, while federal excise duty collected Rs 86 billion. which increased by 13 percent on annual basis. According to the statement, this resulted in an overall increase of 35 percent in the collection of domestic taxes, but this growth rate could not be sustained due to continuous contraction in imports. Imports in August 2024 decreased by 2.2% in US dollar terms compared to August 2023, similarly, imports during August 2024 decreased by 7% in Pakistani rupee terms compared to August 2023. Furthermore. Imports of high-duty items such as vehicles, household appliances as well as miscellaneous items such as garments, fabrics, footwear, etc. have also decreased significantly, affecting customs duties and other taxes levied at the level of imports.Customs Duties FBR’s net collections increased by 21% over the previous year despite a 4% increase in 2018. FBR has bright prospects of meeting its revenue collection targets in the first quarter of the current financial year. are because economic activity and imports are expected to increase due to lower policy rate in September and other government-level initiatives in recent months. There is a clear possibility of increasing the growth rate due to these reforms. These reforms include end-to-end monitoring of supply chain, automated production monitoring, POS, data integration based on artificial intelligence, import scanning and FBR. The statement said that the FBR is also improving its business processes to provide ease of doing business and promote it.