The Federal Board of Revenue (FBR) announced that it surpassed its revenue target by collecting Rs. 760 billion in May 2024, exceeding the set goal of Rs. 745 billion. This achievement marks a remarkable 33% growth compared to May 2023.
In a press release issued on Friday, the FBR highlighted that overall revenues for the first eleven months (July-May) of the fiscal year 2023-24 grew by an impressive 31% compared to the same period last year. The statement particularly emphasized the outstanding 43% growth in domestic taxes during the month of May, attributing it to the government’s policy of mobilizing more resources from domestic taxes.
The success was attributed to the concerted efforts of Team FBR, with Chairman FBR acknowledging the determination and hard work demonstrated by FBR officers and officials. Looking ahead, the FBR expressed confidence in achieving the assigned target for the final month of the current financial year, June 2024.