ISLAMABAD
\nFederal Board of Revenue (FBR) has collected gross revenues of Rs.1,588 billion during the first two months of the current fiscal year 2024-25.
\nAgainst a target of Rs. 1,554 billion, the Board has collected Rs.1,456 billion in net revenue and refunds of Rs. 132 billion (44 percent more than last year) were issued to the exporters to resolve their liquidity problems, said a news release here on Sunday.
\nThe FBR collected Rs. 593 billion under the head of domestic income tax as compared to Rs. 437 billion in July-August 2023, thereby showing a growth of 36 percent.
\nA healthy year-on-year growth of 40 percent was achieved in the domestic sales tax with collection of almost Rs.314 billion.
\nAround Rs.86 billion were collected as Federal Excise Duty (FED) showing a year-on-year increase of 13 percent.
\nAs a result a cumulative growth of almost 35 percent has been achieved in the collection of domestic taxes.
\nHowever, on the import side the same momentum could not be maintained due to continued compression in imports.
\nIn US$ terms, imports in the country have declined by 2.2 percent in August 2024 as compared to August 2023.
\nSimilarly, the imports during August 2024 in PKR value also showed a decline of 7 percent as compared to August last year.
\nMoreover, the import of high duty items such as vehicles, home appliances, as well as miscellaneous consumer goods such as garments, fabrics, footwear etc have reduced significantly, changing the import mix.
\nThis trend has impacted collection of Customs duties as well as other taxes collected at import stage.
\nDespite a modest increase of 4 percent in collection of Customs duties, FBR\u2019s overall growth in net collection registered a 21 percent increase on collection of previous year.
\nFBR is likely to achieve the revenue targets of the first quarter as both the economic activity and imports are expected to show a healthy turnaround in the month of September due to lower policy rate and other interventions being made by the government in recent months.
\nThe growth is also likely to show a significant increase as a result of digitisation and other FBR\u2019s reforms which are currently being very keenly supervised by the Prime Minister and the Finance Minister.
\nThese reforms include end to end monitoring of supply chains, automated production monitoring, POS, AI based data integration, import scanning and strict integrity management of FBR workforce.
\nFBR is also doing a revamp of it\u2019s business processes to facilitate business growth and ease.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Federal Board of Revenue (FBR) has collected gross revenues of Rs.1,588 billion during the first two months of the current fiscal year 2024-25. Against a target of Rs. 1,554 billion, the Board has collected Rs.1,456 billion in net revenue and refunds of Rs. 132 billion (44 percent more than last year) were issued to …<\/p>\n","protected":false},"author":4,"featured_media":65364,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-69707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/69707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=69707"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/69707\/revisions"}],"predecessor-version":[{"id":69731,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/69707\/revisions\/69731"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/65364"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=69707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=69707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=69707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}