FBR's Dec tax collection reaches Rs1.32tr, slightly below the target

MG News | January 01, 2025 at 09:47 AM GMT+05:00

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January 01, 2025 (MLN): Federal Board of Revenue (FBR) tax collection for December 2024 clocks in at Rs1.32 trillion, achieving 97% of the monthly target.

The collection for December 2024 is the highest recorded in a single month, surpassing the previous record of Rs1.19tr set in June 2024, stated Advisor to the Finance Minister, Khurram Schezad, in a series of Tweets.

This collection was achieved despite recording the highest amount of tax refunds, which stood at Rs70 billion in December 2024, compared to Rs38bn in December 2023.

With the December 2024 collection, cumulative tax collection for Jul-Dec 24 (6MFY25) comes to Rs5.62bn, achieving 94% of the target, he added.

The key highlight has been the improvement of the tax-to-GDP ratio on a quarterly basis, which now stands at 10.8%, exceeding the IMF's target of 10.6%.

FBR's faceless examination alongside bodycams deployed with central monitoring is already producing results as shared earlier.

"Reforms at FBR have started showing results; sustained efforts will maintain momentum and achieve long-term stability", he said.

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