Pakistan The Federal Agency for Taxation and Revenue Board of Revenue has said on Sunday that the FBR exceeded the target by Rs 54 billion during the last financial year 2023-2024. Tax Collected.
According to the FBR press release, FBR has collected revenue of Rs 9306 billion for the financial year 2023-24 once morest the fixed target of Rs 9252 billion.
According to the statement: ‘FBR collected taxes Rs 54 billion more than the annual target while revenue is expected to increase further following reconciliation of data.’
According to FBR: ‘Revenue collection has increased by 30% compared to last year. This increase was possible due to historical receipts during the current financial year.
“While the FBR increased the revenue by 2142 billion rupees this year compared to 7164 billion rupees collected in the financial year 2022-2023 and collected 1183 billion rupees only during June 2024.”
According to the FBR: ‘This target was achieved despite the fact that the value of imports declined from $55 billion to $53 billion and all shortfalls had to be met through internal taxes.’
The press release stated that due to the direct interest of the Prime Minister and the Finance Minister, the annual target was exceeded as well as significant structural improvements in the tax system in Pakistan.
The statement added that this was the result of a policy shift that focused more on mobilizing local resources, increased direct taxes on the rich and wealthy, and provided relief to traders and exporters by issuing refunds. Gone.’
In this January 2023 photo, a woman in Karachi checks the prices of various goods (File Photo: AFP)
The statement said that in the light of Prime Minister’s instructions, FBR issued refunds worth Rs 469 billion during the financial year 2023-24, while the value of refunds was Rs 331 billion during the financial year 2022-23.
Thus, refunds are 42% higher this year than in the previous financial year 2022-23, the government’s focus on direct taxes helped to achieve the revenue target and direct taxes in revenue collection. The share was 47 percent.
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The statement said that ‘domestic taxes have also increased significantly and FBR has collected 6128 billion rupees as domestic taxes while 3178 billion rupees have been collected as import taxes.’
On the other hand, Central Bank of Pakistan State Bank of Pakistan said on Sunday that a significant increase was recorded in the transfer of profits earned on foreign investment in the country during the current financial year.
According to the official news agency APP, according to State Bank data, in the first 11 months of the current fiscal year, foreign investors transferred 1.805 billion dollars abroad in the form of profits earned on investment in Pakistan, which is significantly more than the previous fiscal year. are
According to the State Bank, in the same period of the last financial year, foreign investors transferred 313.1 million dollars abroad in the form of profit earned on investment in Pakistan.
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2024-07-02 17:52:53
