Marking a significant fiscal accomplishment, the Federal Board of Revenue (FBR) has successfully amassed Rs3,484 billion in tax revenue during the initial five months of the fiscal year 2023-24, as announced by the spokesperson of the tax collection body, Afaq Qureshi. The notable milestone includes the collection of Rs736 billion in November 2023 alone, indicating a substantial growth of 38% Year-on-Year (YoY) and a commendable 4% Month-on-Month (MoM) increase.
It is noteworthy that this achievement comes in the face of challenges, with the FBR issuing refunds that are 54% higher compared to the corresponding period in the previous year. Despite this, the consistent growth in tax collection showcases the resilience and efficacy of the FBR’s revenue-generating efforts.
The stellar performance of the FBR has garnered international recognition, particularly during the recent meeting between Pakistani officials and the International Monetary Fund (IMF) for a review under the Structural Adjustment Program (SBA). The IMF lauded the FBR’s exceptional performance, underscoring its pivotal role in contributing to the country’s economic stability.
In a parallel development in October, it was revealed that the FBR is gearing up to initiate the audit of income tax returns for retailers and real estate tax filers. This proactive stance emphasizes the importance of accuracy in sales tax filings, with a stern warning to retailers and real estate tax filers to avoid errors, as the revenue board prepares to conduct audits on both income tax and sales tax returns. The FBR’s commitment to ensuring compliance and accuracy underscores its dedication to maintaining the integrity of the taxation system in Pakistan.
