FBR Exceeds Tax Collection Goal, Gathers Rs2.75 Trillion in Jul-Oct

The Federal Board of Revenue (FBR) has demonstrated a robust performance by surpassing its tax collection target for the fourth consecutive month, amassing a staggering Rs2.75 trillion from July to October. In response to public indifference, the FBR has embarked on a mission to address the non-filing of income tax returns by one million individuals.

Although the FBR outperformed its tax collection goal for July-October by an impressive Rs68 billion, it is worth noting that this achievement is still juxtaposed with a substantial deficit of nearly two million income tax returns compared to the 2022 tax year. This unfiled segment accounts for a significant 40% of the existing filers.

Malik Amjad Zubair Tiwana, Chairman of FBR, emphasized that the deadline for filing annual income tax returns, which expired on Tuesday, will not be extended further. Instead, the FBR is set to initiate "compulsory registration" for at least one million individuals who are legally obliged to file returns but have yet to do so.

In contrast to the initially targeted Rs2.68 trillion, the FBR provisionally raked in an impressive Rs2.75 trillion in revenue from July to October, exceeding the target by a substantial Rs68 billion. This surplus has effectively alleviated any pressure from the International Monetary Fund (IMF) for the need of a mini-budget.

The FBR's commendable performance showcases a remarkable 28% growth in tax collection, surpassing the revenue generated in the previous fiscal year by an impressive Rs591 billion. In comparison, during the same period in the preceding year, revenues amounted to Rs2.16 trillion.

This robust tax collection performance paints an optimistic picture for the Pakistan economy and reinforces the significance of business news in Pakistan. The utilization of technology in Pakistan has played a pivotal role in enabling the FBR to reach these remarkable milestones.