The Federal Board of Revenue (FBR) has surpassed its revenue target for fiscal year 2024.

That’s Rs9.306 trillion that the Federal Board of Revenue (FBR) collected in fiscal year 2023–24, compared to the aim of Rs9.252 trillion. This is an increase of Rs54 billion in the yearly revenue goal.

According to a news release from the FBR released here on Sunday, the revenue is likely to rise even more after the numbers are cleaned up.

Thirty percent more money was brought in than the previous year. Due to collecting historical data throughout the current fiscal year, this was possible.

The FBR has added Rs2.142 trillion this year compared to Rs7.164 trillion it collected last year and Rs1.183 trillion in June 2024 alone.

Although imports were cut even more, from $55 billion to $53 billion, the goal was still met. The difference in imports was supposed to be made up for by local taxes.

In addition to going above and beyond the annual goal, the premier and finance ministers’ interest led to major structural changes in the Tax System of Pakistan.

This is a direct result of a policy change that put more emphasis on finding and using domestic resources, taxing the wealthy and rich more directly, and making things easier for businesses and exporters by giving them returns quickly:

Because the prime minister told them to, the FBR gave out returns worth Rs469 billion in FY 2023-24, up 42% from FY 2022-23’s Rs331 billion.
With the government’s focus on direct taxes, the revenue collection goal was met largely because of an increase in direct taxes, which made up 47% of the total revenue.
FBR collected Rs6.128 trillion in domestic taxes and Rs3.178 trillion in import taxes, showing a growth of 37% in domestic taxes and 18% in imports, even though imports dropped from $55 billion last year to $53 billion this year.
When compared to two years ago, domestic taxes made up less than half of all income collected. Now they make up 65 percent.
The Federal Board of Revenue (FBR) took Rs4.528 trillion in income tax in FY 2023–24, up 38.4pc from Rs3.270 trillion in the same timelast year.

Additionally, Rs3.098 trillion was collected in sales tax compared to Rs2.593 trillion, and Rs576 billion was collected in Federal Excise Duty (FED) compared to Rs370 billion.

For Customs Duty, Rs 1,104 billion was collected, up from Rs 931 billion the previous year, according to a press statement.

No matter what problems or odds the organization as a whole has faced, the officers and employees of FBR have stayed dedicated to their main job, which is to meet the allocated revenue goals no matter what.

Targets for collecting taxes are directly linked to Pakistan’s economic growth, and the people who work at FBR are fully determined and ready to take on the tasks and show more wins in the years to come.

In addition, it was said again that the FBR team is ready to deliver on their income collection goal for FY 2024-25 and will do their utmost to reach it and serve the country.