The Federal Board of Revenue (FBR) has successfully exceeded the International Monetary Fund’s (IMF) revenue collection target for the first six months of the current fiscal year. Sources indicate that the IMF set a goal of Rs 4.425 trillion, while the FBR achieved a slightly higher collection of Rs 4.44 trillion during this period.
FBR’s accomplishment marks a significant 35% increase compared to the revenue collected in the last six months of the previous fiscal year.
Breakdown of Tax Collections
The FBR’s remarkable performance includes collecting 2.13 trillion in income tax, reflecting a substantial increase of 730 billion. Sales tax contributions amounted to 1.5 trillion; federal excise duty added another 265 billion rupees to the total revenue. However, customs duty collections fell short of expectations, totalling 540 billion rupees, 100 billion less than the targeted amount.
To meet and surpass their annual goals, the FBR has set an ambitious target of over 50 billion rupees for the final two days of the year.
To ensure maximum tax collection, the FBR has instructed all its offices and associated banks to remain open on Saturday and Sunday until late at night. This measure is part of a broader strategy to encourage tax compliance and meet the IMF’s stipulations.
Additionally, as a strict enforcement measure under the IMF conditions, the FBR is set to disconnect telephone, electricity, and gas connections of tax defaulters, emphasizing the government’s commitment to achieving its fiscal targets and enhancing tax compliance.
