FBR Records 30% YoY Hike in Tax Collection Target

FBR Records 30% YoY Hike in Tax Collection Target

Islamabad: The Federal Board Revenue (FBR) has conveyed a record tax collection of up to 30% hike in the first 7 months of the current financial year. The FBR also announced that December 2023 was the highest month recording the highest tax collection signaling a positive tax outlook.
Read more: FBR to Adjust Property Valuation Rates from July 1
According to the sources, the FBR has collected a huge number of PKR 5,150 Billion as of February 2024. This target was a considerable gain from the previous targets in comparison from July 2023 to February 2024. This increase was a 30% hike in tax collection. In the same period last year, the FBR collected a lower tax target of up to PKR 3,973 Billion.
The FBR has reported a considerable increase across tax categories of up to:

• 40% surge in Income Tax
• 19% surge in Sales Tax
• 14% surge in Custom Duty
• 61% surge in Federal Excise Duty