FBR collects Rs660bn in July, Rs4bn more than target

ISLAMABAD: Amid the impending early retirement of Chairman Amjad Zubair Tiwana, the Federal Board of Revenue (FBR) has surpassed its monthly tax collection target, collecting Rs660 billion in July 2024 against the target of Rs656 billion.

The International Monetary Fund (IMF) and the FBR have agreed on an annual tax collection target of Rs12,913 billion for the fiscal year 2024-25, compared to Rs9,311 billion collected in the previous fiscal year 2023-24.

In the first month, the FBR initially collected Rs666 billion but made adjustments, officially reporting a collection of Rs660 billion for July 2024. This achievement was credited to the efforts of Chairman Amjad Zubair Tiwana and his team.

According to an official announcement, the FBR achieved a revenue collection target for July 2024 with a 36% growth in domestic taxes compared to July 2023. For July 2024, the FBR collected Rs660 billion against an assigned target of Rs656 billion, exceeding it by Rs4 billion. The breakdown includes Rs288 billion in income tax, compared to Rs236 billion during the same period last year; Rs254 billion in sales tax, up from Rs202 billion; Rs36 billion in Federal Excise Duty (FED), compared to Rs31 billion; and Rs82 billion in customs duty, compared to Rs73 billion in July last year. Additionally, the FBR issued refunds amounting to Rs71 billion, a 45% increase from the Rs49 billion issued in July 2023. The achievement of the revenue target for the first month of the fiscal year 2024-25 sets a positive momentum for the months ahead and demonstrates the FBR’s commitment to fulfilling its national duties. Chairman Amjad Zubair Tiwana commended the officers and officials for their impressive performance during FY2023-24 and expressed hope for continued hard work and dedication in the current fiscal year, the statement concluded.