The Federal Board of Revenue (FBR) has achieved a remarkable feat, exceeding revenue targets for the first five months of the current financial year. This accomplishment comes amidst a significant increase in refund payouts, showcasing the board's efficiency and commitment to fiscal responsibility. The spokesperson for FBR said that November saw a staggering 38% month-on-month growth in FBR revenues, reaching a total of 736 billion rupees. This robust performance surpasses both the monthly and five-month targets set by the board. Despite disbursing a staggering 54% more refunds compared to the same period last year, FBR managed to achieve this remarkable collection figure.

This emphasizes the organization effectiveness in balancing revenue generation with supporting businesses and individuals through timely refunds. He said that the implementation of effective tax administration and enforcement measures has resulted in increased compliance among taxpayers. FBR efforts to expand the tax base by bringing more individuals and businesses into the tax net have yielded positive results, he added. He said that the sustained economic growth in Pakistan has provided a favorable environment for increased tax revenue collection. He further added that FBR ongoing digitalization efforts, including online tax filing and e-payment systems, have simplified tax procedures and enhanced efficiency.

Credit: Independent News Pakistan (INP)