Islamabad, March 31, 2024 – The Federal Board of Revenue (FBR) announced a significant achievement on Sunday, revealing that it had successfully collected Rs 6.71 trillion in tax revenue during the first nine months (July – March) of the fiscal year 2023-24.
This accomplishment comes as the FBR surpasses its set targets amid ongoing efforts to boost revenue generation in the country.
According to a press release issued by the FBR, the tax collection during the aforementioned period exceeded the set targets of Rs 6.707 trillion. Notably, the FBR achieved this feat despite various economic challenges and uncertainties prevalent during the fiscal year.
During the period spanning from July to March of the fiscal year 2023-24, the FBR diligently collected Rs 6.71 trillion, demonstrating a commendable performance in meeting revenue objectives. This achievement underscores the FBR’s commitment to fiscal discipline and effective tax administration to support the country’s economic growth and development initiatives.
Moreover, the FBR disclosed that it had also expedited the processing of refunds, issuing a total of Rs 369 billion in refunds during the same nine-month period. This figure represents a significant increase compared to Rs 254 billion issued in refunds during the corresponding period of the previous fiscal year, indicating improved efficiency in refund management processes.
One of the notable highlights of the FBR’s performance is the consistent growth in revenue collection, with a remarkable 30 percent increase recorded during the first nine months of the current financial year compared to the corresponding period of the previous year. This growth trajectory reflects the effectiveness of strategic measures implemented by the FBR to enhance tax compliance and broaden the tax base.
Furthermore, in the month of March 2024 alone, the FBR achieved its assigned revenue target of Rs 879 billion, demonstrating sustained momentum in revenue generation efforts. Additionally, the FBR disbursed refunds amounting to Rs 67 billion during March 2024, significantly higher than the Rs 22 billion issued in refunds during March 2023, indicating enhanced responsiveness to taxpayer needs and improved refund processing mechanisms.
The successful performance of the FBR in surpassing revenue targets and accelerating refund disbursements underscores the government’s commitment to fiscal responsibility and economic stability. It also reflects positively on Pakistan’s overall economic outlook, providing assurance to stakeholders and investors amidst evolving global economic dynamics.
As the fiscal year progresses, the FBR remains poised to continue its efforts towards achieving sustainable revenue growth and fostering a conducive environment for economic prosperity and development in Pakistan.
