ISLAMABAD (PEN) : The Federal Board of Revenue (FBR) has reported a significant 71% increase in tax return filings for the fiscal year 2023 (FY23), with 2.2 million more individuals submitting their returns. This surge has brought the total number of tax filers to 5.3 million.
Looking ahead, the deadline for filing income tax returns for the fiscal year 2024 (FY24) is set for September 30, 2024.
For the initial two months of the current fiscal year 2024-25, the FBR has collected Rs1.456 trillion in taxes, falling short of the Rs1.554 trillion target by Rs98 billion.
In the previous fiscal year 2023-24, the FBR collected Rs9.285 trillion (approximately $33.22 billion), just exceeding its revised target of Rs9.252 trillion. The income tax segment performed particularly well, contributing Rs4.512 trillion and surpassing its target by 21.25%. However, sales tax collection was less robust, reaching Rs3.096 trillion and missing its target by 14.16%.
In July of this year, Pakistan secured a Staff-Level Agreement with the International Monetary Fund (IMF) for a $7 billion, 37-month Extended Fund Facility (EFF), aimed at stabilizing the country’s economy.
For the upcoming fiscal year 2025 (FY25), the government has set an ambitious revenue collection target of Rs12.97 trillion, representing a 40% increase over the target for FY24.
