FBR collects Rs237bn FED from cigarettes in FY24

MG News | November 11, 2024 at 11:25 AM GMT+05:00

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November 11, 2024 (MLN): The Federal Board of Revenue (FBR) has collected Rs237 billion as federal excise duty (FED) from cigarettes during the fiscal year 2023-24, an increase of Rs95bn or 66.9% from last year.

According to the FBR’s data, the total collection from the FED rose Rs207.57bn or 56.1% to Rs577.4bn in FY24.

The cigarettes category was the top contributor with 41% share, followed by cement with 13.4%, and concentrates with a 6.3% share.

The Sales Tax Domestic (STD) from cigarettes stood at Rs60.66bn in FY24 as compared to Rs36.93bn, an increase of 64.3%.

The net collection of STD for FY24 reached Rs1.22 trillion, marking an increase of 22.6% from Rs997.8bn in the previous fiscal year. This represents an additional revenue of Rs225.0bn compared to the prior year.

A significant 62.4% of the domestic sales tax revenue was contributed by fifteen sectors, including electrical energy, POL products, sugar, cement, cigarettes, and cotton yarn.

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