Karachi, January 1, 2024 – The Sindh Revenue Board (SRB) has reported an extraordinary 35 percent growth in revenue collection for the first half (July – December) of the fiscal year 2023-24, marking a significant milestone in the province’s fiscal performance.
In an official statement released on Monday, the SRB announced that it had successfully collected Rs 108.6 billion during the initial six months of the financial year 2023-24. This represents a substantial increase from the Rs 80.2 billion collected in the same period of the previous fiscal year (2022-23), resulting in a remarkable revenue growth of 35 percent.
Breaking down the numbers further, the SRB disclosed that during December 2023 alone, the provincial revenue body achieved a record collection of Rs 21.3 billion. This showcased a notable 22 percent growth compared to the Rs 17.5 billion collected in December 2022.
The board attributed this surge in revenue collection to a steadfast commitment to fiscal excellence, even in the face of challenging economic conditions. Despite factors such as low economic growth, reduced economic activity, and a stagnant tax base, the SRB demonstrated resilience and adaptability in meeting and surpassing its revenue targets.
The success in achieving this phenomenal revenue growth is credited to a combination of factors. The SRB acknowledged the unwavering trust and cooperation of its taxpayers, the consistent support from the government of Sindh, and the relentless efforts of its officers and staff.
Looking forward, the Sindh Revenue Board remains determined to reach its assigned revenue target of Rs 235 billion for the current fiscal year 2023-24. The board’s proactive approach, coupled with the continuous support from all stakeholders, positions it optimistically to navigate through the economic challenges and uncertainties that lie ahead.
The remarkable half-year performance of the SRB is not only indicative of its financial prowess but also underscores the efficiency and effectiveness of its strategies in revenue mobilization. The commitment to transparency, coupled with a taxpayer-friendly approach, has played a crucial role in fostering a conducive environment for revenue growth.
As the global and local economic landscape continues to evolve, the SRB’s ability to adapt and innovate will be crucial in sustaining this positive trajectory. Stakeholders, including taxpayers, government authorities, and the business community, are closely observing the board’s performance, hopeful that this momentum will contribute to the overall economic resilience and growth of the province.
The Sindh Revenue Board’s exceptional 35 percent growth in half-year collection is a testament to its dedication, resilience, and collaborative efforts. The positive trend in revenue generation signals a promising start to the fiscal year, reflecting the board’s commitment to fiscal responsibility and economic stability in the province.