The Federal Board of Revenue (FBR) has achieved a significant milestone by collecting Rs. 760 billion in revenue for May 2024. This surpasses the assigned target of Rs. 745 billion, demonstrating the organization’s commitment to fiscal responsibility.
Strong Overall Performance
The positive trend extends beyond May. For the first eleven months of the fiscal year, FBR has registered a remarkable 31% growth in revenue compared to last year. This consistent increase reflects a robust economic environment and FBR’s successful efforts in tax collection.
Domestic Taxes Drive Growth
May 2024 saw an awe-inspiring 33% growth in revenue compared to May 2023. This growth is driven primarily by a surge in domestic tax collection, which increased by a staggering 43% during the month. This indicates a growing domestic tax base and a more efficient collection system.
FBR Committed to Continued Success
In a statement, FBR emphasized the government’s focus on mobilizing resources through domestic taxes. The organization’s dedication and hard work by its officers and officials are commended for achieving these impressive results. Looking ahead, FBR remains confident in its ability to reach the assigned target for the final month of the fiscal year, June 2024.
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