Karachi, September 30, 2023 – The Sindh Revenue Board (SRB) has reported an extraordinary 44 percent surge in the collection of sales tax on services during the first quarter of fiscal year 2023-24.
According to an official statement released on Saturday, the SRB, responsible for revenue collection in the Sindh province, amassed a total of Rs 52.12 billion in revenue from July to September 2023, a substantial increase from the Rs 36.12 billion collected during the same period in the previous fiscal year.
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The SRB noted that this impressive collection figure included Rs 4.19 billion gathered under the headings of Sindh Workers Welfare Fund (SWWF) and Sindh Welfare Workers Participation Fund (SWPPF), showcasing an unparalleled growth rate of 69 percent in quarterly SWWF/SWPPF collections.
Furthermore, the provincial revenue collection agency reported that it had collected Rs 21.58 billion in revenue for September 2023, marking a remarkable 38 percent increase compared to the Rs 15.64 billion collected in the same month of the preceding year.
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The SRB attributed this remarkable revenue growth to several factors, including the unwavering trust and cooperation of SRB taxpayers, the support of the Sindh government, and the dedicated efforts of SRB officers in terms of effective enforcement and recovery.
The official statement emphasized that the SRB remains committed to its ambitious revenue collection target of Rs 235 billion for the current fiscal year, which is a notable increase compared to the Rs 180 billion target set in the previous financial year. This commitment is especially significant given the challenges posed by overall low economic growth and a stagnant tax base due to tax-free budgets.
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