ISLAMABAD: In 2023–24, the Federal Board of Revenue collected Rs9.285 trillion, little more than the revised downward target of Rs9.252 trillion.
In order to account for the tax amount that was pending in superior courts due to the non-implementation of tax measures outlined in the budget 2023–24, the budgetary objective of Rs9.415tr was reduced downward.
The windfall income tax and super tax collections were halted by the courts. The three taxes that were adjusted for were sales tax, federal estate tax, and customs duty. The income tax collection for the final fiscal year only exceeded the updated goal.
An FBR official stated that income tax revenue exceeded the revised target by 21.25 percent, with the amount collected reaching Rs4.512 trillion compared to the revised aim of Rs3.721 trillion.
Despite changing the target, the sales tax collection fell short by 14.16 percent, reaching Rs3.096 billion instead of the intended Rs3.607 trillion.
The amount of federal excise duty revenue collected was Rs576 billion, falling 4 percent short of the objective of Rs600 billion. The objective of Rs1.324tr was not met by the customs collection, which came in at Rs1.101tr, a 16.84 percent deficiency.
