Karachi, February 29, 2024 – The Federal Board of Revenue (FBR) has directed tax offices to remain open until 8:00 pm today, signaling an extended effort to ensure the timely collection of duty and taxes.
The directive applies to chief commissioners of Inland Revenue across Large Taxpayers’ Offices (LTOs), Medium Taxpayers Office (MTO), Corporate Tax Offices (CTOs), and Regional Tax Offices (RTOs).
The FBR, through a formal communication, urged tax offices to extend their working hours on Thursday, February 29, 2024, emphasizing the importance of maximizing revenue collection on the last day of February. This strategic move aligns with the FBR’s goal to showcase robust revenue figures during the ongoing fiscal year, ahead of an upcoming review by the International Monetary Fund (IMF).
Sources within the FBR indicated that the authorities are keen to present impressive revenue collection figures for the period of July to February in the fiscal year 2023-24. The FBR has already achieved a remarkable 30 percent growth in tax collection by mid-February 2024, according to the latest data released by the Finance Ministry.
From July 2023 to mid-February 2024, the FBR successfully collected Rs.5.150 trillion, demonstrating a significant increase compared to the Rs.3.973 trillion collected during the same period in the previous fiscal year. This noteworthy growth is attributed to a combination of effective tax policies, increased compliance, and economic activities contributing to enhanced revenue inflows.
The Finance Ministry, in a press statement on Tuesday, highlighted the commendable growth in tax refunds, which reached over 28 percent during the specified period. The overall growth in domestic taxes stood at an impressive 40 percent, showcasing the effectiveness of the FBR’s initiatives to bolster revenue from within the country.
Importantly, import duty and related taxes also experienced a commendable 16 percent growth from July 2023 to January 2024, reflecting the FBR’s efforts to capitalize on international trade activities for revenue generation.
As the FBR works diligently to meet and exceed its revenue targets, the extended working hours on February 29 demonstrate a commitment to optimizing collections. The move also underscores the government’s dedication to fiscal discipline and financial prudence, aligning with broader economic goals.
The upcoming IMF review adds significance to the FBR’s efforts, as a positive assessment could contribute to bolstering investor confidence and strengthening the country’s economic standing on the international stage. The success in revenue collection during the specified period positions Pakistan favorably in its ongoing economic trajectory.
The FBR’s decision to extend working hours for tax collection reflects a proactive approach to maximize revenue during a crucial fiscal period. The impressive growth in tax collection, coupled with prudent fiscal policies, sets a positive tone for Pakistan’s economic resilience and fiscal discipline. The nation awaits the outcome of the IMF review, with expectations of a favorable assessment based on the FBR’s commendable efforts and achievements.
