In December 2024, FBR meets its tax collection goal of 97 percent.
When compared to November’s tax collection, the Rs 1328 billion collected in December indicates a noteworthy 35% rise. Additionally, tax revenue increased by a noteworthy 56% as compared to December of the prior fiscal year.
The FBR only collected Rs. 5624 billion in taxes in the first half of the current fiscal year, which is Rs. 385 billion less than its target of Rs. 6009 billion.
A 20 percent rise in tax receipts over the same period last year was claimed to have set a new record for tax collection by the Large Taxpayer Office (LTO) in Karachi.
According to reports, LTO Karachi collected Rs1,110 billion in taxes during the first five months of the fiscal year 2024–25, which is a substantial increase above the Rs924 billion collected during the same time of the previous fiscal year.
During the first five months, LTO Karachi collected Rs542 billion in direct taxes, a 20 percent increase over Rs451 billion during the same period last year. During the same time period, the office also provided reimbursements of Rs47 billion.
LTO Karachi collected Rs494 billion in sales and indirect taxes in the first five months, an 18% increase. In comparison, Rs420 billion was collected at the same time last year.
Higher local transactions, where sales tax collection increased by 30% to Rs203 billion, are primarily responsible for the increase. According to officials from the Federal Board of Revenue (FBR), there are still issues with collecting import sales tax because import invoices are declining.