ISLAMABAD - Federal Minister for Finance and Revenue Muhammad Aurangzeb on Monday reviewed the strategy to achieve the current financial year’s revenue collection targets. The minister visited Federal Board of Revenue Headquarters Monday and chaired a meeting which was attended by State Minister for Finance & Revenue, Ali Pervez Malik, Chairman FBR, Rashid Mahmood Langrial, Members and other senior officers of the Board.
During the meeting, the federal minister acknowledged the services and contributions of the former chairman FBR Malik Amjed Zubair Tiwana especially his role in budgeting process and IMF negotiations. The minister also welcomed the new chairman FBR, Rashid Mahmood Langrial and expressed confidence in his abilities to lead the organization and achieve the assigned targets. On the occasion, Member Inland Revenue (Operations), Mir Badshah Khan Wazir and Member Customs (Operations), Ashhad Jawwad gave detailed presentations about their respective domains. The meeting also deliberated upon strategy to achieve the current financial year’s revenue collection targets. The federal minister appreciated the FBR team’s persistent efforts for maximising revenue and broadening the tax base for sustained economic development.
The FBR has successfully achieved the revenue target for the first month of the current fiscal year, i.e. July 2024-25. Against the set target of Rs 656 billion, a net revenue of Rs 659.2 billion has been collected, despite the issuance of refunds amounting to Rs 77.9 billion. During this period, Rs 300.2 billion was collected under the head of Income Tax, Rs 307.9 billion under the head of Sales Tax, Rs 37.4 billion under the head of Federal Excise Dury, and Rs. 91.7 billion under the head of Customs Duty. The FBR has revised its annual tax collection target downward from Rs12,970 billion to Rs12,913 billion for the current fiscal year 2024-25. The federal government had projected to generate around Rs1.8 trillion through new taxation and enforcement measures in order to reach the mammoth tax collection target.