First five months of FY24: Rs736bn collected against IMF target of Rs710bn, says FBR

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday claimed that it had achieved a five-month target with Rs736 billion collected in November 2023, depicting a monthly growth of 38 percent.

FBR Chairman Amjad Zubair Tiwana said that as per the agreed target with the International Monetary Fund (IMF), the monthly target was set at Rs710 billion but the revenue board collected Rs736 billion.

In a post on X, the FBR said that it achieved five-month target with Rs736 billion collected in November 2023 despite 54 percent higher refunds than the corresponding period of the previous year.

The FBR has so far collected Rs3,484 billion during the first five months (July-Nov) period of the current fiscal year against Rs2,688 billion in the same period of the last financial year, indicating a boost of Rs795.6 billion.

Now the FBR will have to collect Rs5,931 billion in the remaining seven months (Dec-June) period in order to materialise the desired tax collection target of Rs9,415 billion on June 30, 2024.