FBR so far collected an amount of Rs7 trillion: Ishaq Dar

ISLAMABAD, June 27 (SABAH):  Finance Minister Muhammad Ishaq Dar on Tuesday revealed that the Federal Board of Revenue (FBR) has so far collected an amount of Rs7 trillion, the highest in Pakistan’s history during the current fiscal year (FY23).

Muhammad Ishaq Dar, in a tweet, said the figures were updated till June 26 and the overall numbers would increase during the remaining four days [June 30].

Earlier, the government had set a revenue collection of Rs7.64tr for the year, which means the FBR is still short of the achieving the goal by Rs0.64tr – or Rs640 billion.

That’s why it was feared that Pakistan might not be able to meet the annual tax collection target for the ongoing fiscal year as there was a gap of Rs1,446bn that must be covered by the June end. Tax collection during the July-May period of the year 2023-24 clocked in at Rs6.194tr.

And amid the low tax-to-GDP ratio and the IMF’s persistent demand amid a widening budget deficit, the government is eyeing at over Rs9tr in revenue collection for the next financial year of 2023-24.