As per agreement with IMF: FBR collects Rs6.71tr in 9MFY24, up by 30pc

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs6,710 billion in the first nine months (July-March) period of the current fiscal year against the target of Rs6,707 billion agreed with the IMF.

The board also achieved the monthly target of Rs879 billion for March 2024. However, it has to achieve the Rs2,705 billion target in the last and fourth quarter (April-June) in order to meet the assigned target of Rs9,415 billion by June 30.

It would be a quite difficult task. Although, the IMF has made adjustments for the monthly targets of last quarter, achieving the June 2024 target would be the most challenging one.

“In the wake of slowdown in imports, it would be difficult for the FBR to achieve the desired target of Rs9,415 billion; however, higher inflationary pressures have so far helped it to jack up revenues and display growth of 30 percent,” a top government official told this correspondent on Sunday.

According to the official statement issued by the FBR, at the end of the third quarter of the current financial year, the Board has collected Rs6,710 billion against the assigned target of Rs6,707 billion in the first nine months whereas refunds amounting to Rs369 billion were issued as compared to Rs254 billion during the same period last year.

The FBR continues to register 30% growth in revenue collection as compared to the first nine months of the previous financial year. During March 2024, the FBR has achieved the assigned target of Rs879 billion and issued Rs67 billion worth of refunds compared to Rs22 billion issued in March 2023.