FBR sets Rs9,415bn tax collection target for FY24

August 18, 2023 (MLN): The Federal Board of Revenue (FBR) has set its target to achieve Rs9,415bn tax collection in the financial year 2023-24, Chairman FBR, Malik Amjed Zubair Tiwana disclosed this during a review meeting with the newly appointed caretaker Federal Minister for Finance and Revenue, Shamshad Akhtar, as per a press release issued on Friday.

During the meeting, Chairman FBR gave a detailed presentation to the Minister about the revenue collection performance of FBR including the assigned targets for the current FY23-24 and the strategy to achieve them.

“FBR was able to collect Rs7,169 billion against a target of Rs7,200bn in the previous financial year,” the chairman said.

Malik Amjed also informed the caretaker minister about the procedural improvements being made to simplify the process of paying taxes in order to facilitate the taxpayers.

He also gave an update on important initiatives of FBR including the Broadening of the Tax Base, Track and Trace System, and Point of Sale System whereby efforts are afoot to further enhance revenue generation.

 The caretaker Finance Minister emphasized on devising strategies to further enhance the tax-to-GDP ratio and broaden the tax base to maximize revenue collection.

She also called for finding innovative ways to tax the untaxed sectors. The Minister stressed making all-out efforts to achieve the ongoing year’s revenue collection target.

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