Pakistan: FBR Surpasses 5-Month Tax Collection Target with Rs. 3,484 Billion

Pakistan: FBR Surpasses 5-Month Tax Collection Target with Rs. 3,484 Billion

Nadia Nawaz | December 1, 2023 | 11:04 PM IST | Pakistan News | Follow on Google News

Pakistan: FBR Surpasses 5-Month Tax Collection Target with Rs. 3,484 Billion

Pakistan: FBR Surpasses 5-Month Tax Collection Target with Rs. 3,484 Billion

The Federal Board of Revenue (FBR) has achieved a significant milestone by collecting Rs3,484 billion in taxes during the first five months of the fiscal year 2023-24. The announcement came from FBR spokesperson Afaq Qureshi, who highlighted the exceptional performance of the tax collection body. Notably, in November 2023 alone, the FBR collected a substantial amount of Rs736 billion, showcasing a remarkable monthly growth of 38%. This achievement is noteworthy, considering a 54% increase in refunds compared to the corresponding period of the previous year.

International Recognition for FBR’s Performance

In a recent meeting between Pakistan officials and the International Monetary Fund (IMF) for the review under the Stand-By Arrangement (SBA), the FBR’s performance was praised by the international lending organization. This acknowledgment highlights the effectiveness of the FBR’s strategies in meeting financial targets and contributing to the country’s economic stability.

FBR Initiates Audit Amidst Growth

As part of its ongoing efforts to ensure financial transparency and accuracy, the Federal Bureau of Revenue (FBR) has taken steps to audit the income tax returns of retailers and real estate tax filers. In October, the FBR announced plans to scrutinize the sales records of these entities. The revenue board has issued warnings to retailers and real estate tax filers, emphasizing the importance of accurate sales tax filings to avoid discrepancies during the upcoming audit of income tax and sales tax returns.

Nadia Nawaz

Nadia Nawaz – a new journo in digital journalism covers stories, reports/articles from Pakistan. Nadia writes on various topics, include Politics, Economy,Sports and finance. she further holds a high head in field of graphic designing. Nadia can be reached on nawaznadia20@gmail.com