ISLAMABAD , June 27, 2023: Finance Minister Ishaq Dar on Tuesday revealed that the Federal Board of Revenue (FBR) had so far collected an amount of Rs7 trillion – the highest in Pakistan’s history – during the current fiscal year (FY23).
Dar, in a tweet, said the figures were updated till June 26 and the overall numbers would increase during the remaining four days.
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.