The Federal Board of Revenue (FBR) has collected a record amount of taxes in the first quarter of the current fiscal year (FY24), surpassing its target by Rs 44 billion.
This is a significant achievement, as it shows that the government is able to generate revenue effectively to fund its programs and services. The FBR’s strong performance is also a testament to the resilience of the Pakistani economy, which has continued to grow despite the global economic challenges.
The FBR’s success in collecting taxes is due to a number of factors, including:
- Improved tax administration: The FBR has implemented a number of reforms to improve its tax administration system, such as digitization and automation of processes. This has made it easier for taxpayers to file their returns and pay their taxes on time.
- Broadening of the tax base: The FBR has also taken steps to broaden the tax base by bringing more people into the tax net. This has been done through measures such as tax amnesty schemes and increased tax compliance enforcement.
- Economic growth: The Pakistani economy has grown steadily in recent years, which has led to an increase in tax revenue.
The FBR’s strong performance in the first quarter of FY24 is a positive sign for the Pakistani economy. It shows that the government is able to generate revenue effectively, which will help to reduce the budget deficit and improve the country’s financial position.
The FBR’s success is also a sign of the strength of the Pakistani economy. The economy is growing steadily, and that means more tax revenue for the government.
This is good news for everyone in Pakistan. It means the government has more money to spend on making the country a better place for everyone.