FBR Achieves 31% Revenue Collection Growth in 11MFY24

FBR Achieves 31% Revenue Collection Growth in 11MFY24

PkRevenue.com – The Federal Board of Revenue (FBR) has recorded an impressive 31 percent growth in revenue collection during the first eleven months (July-May) of the fiscal year 2023-24.

This notable achievement underscores the FBR’s enhanced efficiency and effectiveness in revenue mobilization, reflecting the success of the government’s fiscal policies.

In a statement issued on Friday, the FBR spokesman announced that the board has surpassed its revenue collection target for May 2024. The FBR collected Rs 760 billion for the month, exceeding the assigned target of Rs 745 billion. This performance marks a 33 percent increase compared to May 2023, highlighting significant progress in the FBR’s revenue collection capabilities.

The spokesman attributed this success to the diligent efforts and strategic initiatives implemented by the FBR team. “The overall revenue growth of 31 percent during the first eleven months of the year, compared to the same period last year, is a testament to the hard work and commitment of our officers and officials,” he stated.

One of the key drivers behind this growth has been the substantial increase in domestic tax collection. In May 2024, the FBR registered a remarkable 43 percent growth in domestic taxes compared to the same month last year. This surge aligns with the government’s policy to mobilize more resources from domestic sources, reducing reliance on external debt and aid.

Chairman FBR expressed his appreciation for the determination and dedication shown by the FBR staff. He noted that this achievement was the result of meticulous planning and relentless efforts by the team. “The FBR officers and officials have demonstrated exemplary dedication in meeting and exceeding the revenue targets. Their hard work has been instrumental in achieving these remarkable results,” he said.

Looking ahead, the FBR is optimistic about continuing this positive trajectory. The board is poised to meet the revenue target for the final month of the current financial year, June 2024. This confidence is based on the robust performance and upward trend observed over the past months.

The significant growth in revenue collection not only bolsters the government’s fiscal position but also provides a strong foundation for future economic stability and development. It enables the government to invest more in public services and infrastructure, thereby fostering sustainable growth and prosperity.