In the fiscal year 2023-2024, FBR Hits New High With Rs. 9306 Billion Revenue, which is Rs. 54 billion more than the target of Rs. 9,252 billion. Following the reconciliation of the statistics, the revenue is expected to rise even more, which was a 30 percent rise over the same period last year.
FBR collected an additional Rs.2,142 billion this year compared to Rs. 7164 billion last year and Rs. 1183 billion in June 2024 alone.
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Domestic taxes contributed to the difference, even as imports dropped from $55 billion to $53 billion, which became possible due to the significant structural changes made by the Finance Minister and Prime Minister to the tax system.
Following the Prime Minister’s orders, FBR paid out refunds totaling Rs. 469 billion in FY 2023–24, up 42% from Rs. 331 billion in FY 2022–23. The primary reason for achieving the revenue collection target was the 47% contribution from direct taxes. Despite the import compression, FBR collected Rs. 6,128 billion in domestic taxes and Rs. 3,178 billion in import taxes, indicating a 37% gain in domestic taxes and an 18% increase in import taxes.
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Two years ago, domestic taxes comprised less than 50% of total revenue collection; today, they contain 65%. Compared to the previous year, FBR collected Rs. 4,528 billion in income tax, Rs. 3,098 billion in sales tax, Rs. 576 billion in FED, and Rs. 1,104 billion in customs duty.
