The Federal Board of Revenue (FBR) has exceeded its tax collection targets for the third quarter of the current fiscal year.
The total collection of Rs6.710 trillion surpasses the set target of Rs6.707 trillion by Rs3 billion. This puts the FBR on track to meet the government’s annual collection target of Rs9.415 trillion.
This achievement is significant, especially considering the fiscal year’s target of Rs2.219 trillion, which represents a 30% increase over the previous year’s target of Rs7.2 trillion.
The success is credited to collaborative efforts among stakeholders, including the Special Investment Facilitation Council (SIFC), which played a crucial role in facilitating investment and improving tax collection processes.
Despite this success, challenges remain, particularly in implementing the FBR restructuring plan aimed at increasing the tax-to-GDP ratio to 15%. Legal obstacles hindering the plan’s execution are actively being addressed to ensure successful implementation.
Achieving these objectives is crucial for meeting the government’s fiscal requirements, emphasizing the importance of overcoming barriers and optimizing revenue collection mechanisms.
