FBR Exceeds Eight-Month Revenue Collection Target

FBR Exceeds Eight-Month Revenue Collection Target

Islamabad, February 29, 2024 – The Federal Board of Revenue (FBR) has outperformed its revenue collection target for the first eight months (July – February) of the fiscal year 2023-24, demonstrating robust economic recovery and fiscal management.

According to the FBR’s official social media platform, the revenue collection for February 2024 reached Rs 681 billion, a substantial increase from Rs 519 billion collected in February 2023, marking an impressive growth rate of 32 percent. This accomplishment has led to the FBR exceeding its eight-month target of Rs 5,829 billion and registering an overall growth of 30 percent.

In a statement, the FBR highlighted its success, stating, “FBR surpasses the eight-month target of Rs. 5,829 billion and registers a growth of 30%. During February 2024, FBR collects Rs. 681 billion against Rs. 519 billion collected during February 2023, registering a growth of 32%.”

This remarkable achievement is indicative of the government’s effective fiscal policies, streamlined tax administration, and a positive trajectory for the country’s economic health. The revenue collection surpassing the set targets reflects the collective efforts of the FBR in ensuring compliance and broadening the tax base.

The growth of 32 percent in revenue collection for February 2024 compared to the same month in the previous year underscores a significant expansion in economic activities. It indicates increased economic transactions, business activities, and consumer spending, showcasing the resilience and recovery of the national economy.

The FBR’s consistent efforts to enhance tax compliance, reduce tax evasion, and promote a business-friendly environment have contributed to this positive trend in revenue collection. The implementation of technology-driven solutions, simplified tax procedures, and the facilitation of taxpayers have played a pivotal role in achieving these milestones.

The surplus revenue collection is particularly crucial as it provides the government with additional fiscal space to invest in key development projects, social welfare programs, and infrastructure initiatives. It also contributes to maintaining fiscal discipline and stability, which is essential for sustaining economic growth.

The FBR’s success in exceeding the eight-month revenue target is likely to boost investor confidence and attract further foreign investments. A stable and growing revenue base enhances the government’s capacity to meet its financial obligations, reduce fiscal deficits, and create an environment conducive to economic expansion.

As the fiscal year progresses, the FBR’s achievement sets a positive tone for the economic outlook, signaling resilience and adaptability amid global economic challenges. The government’s commitment to fiscal responsibility, coupled with the FBR’s efficient revenue collection, positions Pakistan on a path of sustainable economic growth and development.