Islamabad: The Federal Board of Revenue (FBR) has achieved an impressive milestone by exceeding its revenue target for the first month of the 2024-25 fiscal year. In July 2024, the FBR successfully collected a total of PKR 659.2 billion, surpassing the set target of PKR 656 billion. This achievement is noteworthy, especially considering that it was accomplished even after the issuance of PKR 77.9 billion in refunds. The news, reported on August 13, highlights the FBR’s strong start to the fiscal year, reinforcing its commitment to meeting ambitious revenue goals.
This early success is a significant step toward achieving the FBR’s larger goal of collecting PKR 12.97 trillion by the end of the 2024-25 fiscal year. During a briefing, Finance Minister Muhammad Aurangzeb, along with other senior officials, discussed the FBR’s ongoing plans for enhancing revenue collection. A key focus of these plans includes the digitization of processes, which is expected to streamline operations, increase transparency, and improve efficiency in tax collection.
The minister acknowledged the crucial role played by the former FBR Chairman, Malik Amjed Zubair Tiwana, in laying the groundwork for these achievements. He also expressed confidence in the newly appointed Chairman, Rashid Mahmood Langrial, to continue this positive trajectory and meet the ambitious targets set for the fiscal year.
The FBR’s ability to surpass its revenue target for July 2024 is a promising indicator of its capacity to achieve the overall fiscal objectives. The implementation of digitization is expected to further bolster these efforts by modernizing tax collection mechanisms, reducing loopholes, and ensuring a broader tax base.
This early achievement not only boosts confidence in the FBR’s strategic direction but also sends a positive signal about the potential for meeting the year’s revenue goals. With continued focus and effective leadership, the FBR is well-positioned to navigate the challenges of the fiscal year and achieve its ambitious PKR 12.97 trillion target, which is crucial for the country’s economic stability and growth.
