SRB Achieves Impressive 34% Collection Growth in 7MFY24

SRB Achieves Impressive 34% Collection Growth in 7MFY24

Karachi, February 1, 2024 – The Sindh Revenue Board (SRB) has reported a remarkable 34 percent growth in the collection of sales tax on services during the initial seven months (July – January) of the fiscal year 2023-24.

According to a statement released on Thursday, the SRB demonstrated its commitment to excellence by collecting Rs 126.8 billion, a significant increase from Rs 94.6 billion during the corresponding period in the previous fiscal year.

The impressive growth in revenue collection reflects the board’s resilience and determination to meet its financial targets, even in the face of challenging economic conditions. This achievement is particularly notable as it comes amid concerns about low economic growth and a stagnant tax base.

In the month of January 2024 alone, the SRB collected Rs 18.3 billion, showcasing a growth of 28 percent compared to the same month in the previous year when the collection stood at Rs 14.3 billion. This month-on-month increase underscores the sustained momentum in revenue generation.

The SRB attributed this substantial success to several key factors. Firstly, the continued trust and cooperation of taxpayers have played a pivotal role in contributing to the impressive growth. Taxpayers’ compliance and commitment to fulfilling their obligations have been instrumental in bolstering the revenue figures.

Secondly, the relentless efforts of the SRB officers and staff have been acknowledged as a driving force behind this achievement. Their dedication to streamlining the tax collection process and ensuring efficiency has positively impacted the overall revenue performance.

Furthermore, the SRB expressed gratitude for the consistent support provided by the Sindh government. The collaborative efforts between the SRB and the government have created an enabling environment for effective tax administration, fostering a climate conducive to revenue growth.

Despite the prevailing adverse factors such as low economic growth and a stagnant tax base, the Sindh Revenue Board remains steadfast in its commitment to achieving the assigned revenue target of Rs 235 billion for the current fiscal year 2023-24. The board’s proactive approach, coupled with the support of taxpayers and the government, positions it to overcome challenges and continue on its path of sustained growth.

This achievement not only reflects positively on the SRB but also serves as an encouraging indicator for the overall economic health of the province. As the fiscal year progresses, stakeholders will closely monitor the SRB’s performance, looking for sustained growth and effective fiscal management in the dynamic economic landscape.