FBR reports tax revenue growth, avoiding a mini-budget in response to IMF pressure.

For the first half of the current fiscal year, the Federal Board of Revenue (FBR) reported a notable 26% increase in tax revenue over the previous year.

The growth has relieved the pressure from the International Monetary Fund (IMF) to introduce a mini-budget, even though it fell short of the goal.

Tax revenue received by the FBR between July and December was Rs 5,624 billion, Rs 385 billion less than the objective of Rs 6,009 billion. In December alone, tax revenue increased by 35% year over year, hitting Rs 1,328 billion as opposed to the objective of Rs 1,373 billion.

During the first half of the fiscal year, tax refunds totaling Rs 70 billion were also given out. The yearly tax collection objective is Rs12,970 billion, and in order to reach this aim, Rs7,346 billion must be gathered in the second half.

Additional improvements in tax collection are being considered, and FBR officials credit financial discipline and administrative reforms for the increased revenue.

It is also anticipated that the higher December revenue will soon eliminate the need for further tax measures.

Key figures consist of:

Income tax collected: Rs 2,827 billion.

Recorded sales tax: Rs 2,105 billion.

Customs duty collected: Rs 617.3 billion.

Federal Excise Duty: Rs 346.6 billion generated.