Collected Rs5.15bn since July 2023, 30pc revenue growth: FBR

The Ministry of Finance issued a correction regarding the official press statement, clarifying that the Federal Board of Revenue (FBR) has collected revenue of Rs5,150 billion since July 2023 to mid-February 2024, rather than the previously stated trillion figure.

This reflects an impressive 30 percent revenue growth compared to the same period of the previous fiscal year.

The initial press release erroneously stated trillion instead of billion, prompting a rectification and reissuance of the statement with the accurate collection figure. It was clarified that the collection of Rs5.15 trillion mentioned in the original statement was actually the revenue generated in the first seven months from July 2023 to January 2024.

Dr. Shamshad Akhtar, the Caretaker Minister for Finance, emphasized the government’s performance during her tenure. However, there have been challenges, including delays in approving press releases, leading to changes in the Directorate General of Media multiple times.

According to the revised press release, the FBR’s revenue collection growth stands at almost 30 percent, with tax refunds increasing by over 28 percent during the same period. Domestic taxes saw a remarkable growth of around 40 percent, while import duty and related taxes grew by 16 percent from July 2023 to January 2024.

The statement attributed the growth in revenue to the revival of GDP and increased scrutiny on FBR collections. However, import tax growth saw a decline due to downward adjustments in import tariffs over the years and recent restrictions on import licenses imposed by the State Bank of Pakistan to address foreign exchange constraints.