- FBR surpasses revised tax collection target of Rs 92.52 trillion.
- Income tax collection significantly exceeds targets.
- Sales tax, FED, and customs duty collections fall short.
The Federal Board of Revenue (FBR) has exceeded its revised tax collection target for the fiscal year 2023-2024, achieving Rs 92.85 trillion against the revised target of Rs 92.52 trillion. This achievement comes despite numerous challenges, including legal hurdles and delays in implementing key tax measures announced in Budget 2023-2024.
The original budget target of Rs 94.15 trillion was revised downward due to these delays and court stays on the collection of super tax and windfall income tax. Despite these obstacles, the FBR demonstrated resilience and efficiency, managing to surpass the revised target.
Income tax collection emerged as the highlight, reaching Rs 45.12 trillion, well above the revised target of Rs 37.21 trillion. This remarkable 21.25 percent increase reflects strong compliance and effective enforcement measures by the FBR.
However, not all tax categories met their revised targets. Sales tax collection fell short, totaling Rs 36.07 trillion against a target of Rs 39.63 trillion, a shortfall of 14.16 percent. The Federal Excise Duty (FED) collection was Rs 576 billion, 4 percent below the target of Rs 600 billion. Customs duty collection also saw a decline, with Rs 11.01 trillion collected against a target of Rs 13.24 trillion, marking a shortfall of 16.84 percent.
These shortfalls highlight the challenges the FBR faced in achieving a balanced performance across different tax categories. Nonetheless, the overall tax collection for the fiscal year indicates a positive trend. The FBR’s ability to exceed the revised target underscores its strategic initiatives and robust efforts to enhance revenue collection.
The board’s focus on improving compliance and broadening the tax base has yielded significant results, particularly in the area of income tax. This accomplishment stands as a testament to the FBR’s dedication to its mission amidst a challenging fiscal environment
