FBR collects Rs 5150 trillion revenue in FY 2024 till mid-February

BusinessFBR collects Rs 5150 trillion revenue in FY 2024 till mid-February

ISLAMABAD, Pakistan: The Federal Board of Revenue (FBR) has collected revenue of Rs 5,150 trillion since July 2023 to mid of February 2024 against Rs 3,973 trillion over the same period last FY – almost 30% tax revenue growth.

During the course of this period, tax refunds grew by more than 28%.

   

The month wise revenue collection for July 2023 to January 2024 is as under:

FY 2022-23 (Rs in billion)FY 2023-24 (Rs in billion)Growth
JulyRs 462JulyRs 538%17
AugustRs 494AugustRs 669%36
SeptemberRs 688SeptemberRs 834%21
OctoberRs 516OctoberRs 707%37
NovemberRs 534NovemberRs 736%38
DecemberRs 735DecemberRs 985%34
JanuaryRs 545JanuaryRs 680%25

Overall growth in the domestic taxes has been around 40% while import duty and related taxes grew by 16% over July 2023 to January 2024 period.

The growth in revenues gained momentum as the gross domestic product (GDP) has revived and FBR collection has come under tighter scrutiny.

Notwithstanding, growth in import taxes fell largely because of (i) downward adjustments in import tariffs over the years, and (ii) more recently restrictions on import licenses imposed by the State Bank of Pakistan (SBP) to contain balance of payments position in the wake of foreign exchange constraints.

The revenue collection from imports do however incorporate the impact of the improvements in the valuation of imports that yielded Rs 151 billion collections as well as anti- smuggling drive (that witnessed almost 69 % growth in FY vis-à-vis FY 22-23).

There is scope to enhance anti-smuggling efforts by looking into increasing customs force in Balochistan which is currently only 378 anti-smuggling staff (compared to 20,000 personnel in the province undermine the enforcement efforts).

The revenue mobilization from domestic taxes is a welcome shift.

The domestic tax collection is now over 64% of the total revenues collected during the current financial year.

Concurrently the import taxes shared has declined to 36% from more than 50% just three years ago.

The tax wise collection reveals following trends: Tax Up to Jan- 2023 Rs. Billion Up to Jan- 2024 Rs. Billion % Growth Major Contributors Income Tax 1,751 2,447 40 Banks, POL, Textile, Power, Food, Services Sales Tax 1,480 1,766 19 POL, Power Food, Autos, Iron & Steel, Chemical Federal Excise 190 307 61 Tobacco, Cement, Beverages, Airlines, Fertilizers, Autos Customs Duty 552 629 14 POL, Autos, Iron & Steel, Electronics, Food Grand Total 3973 5,150 30

Source: Federal Board of Revenue

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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