ISLAMABAD: The Federal Board of Revenue (FBR) Monday shared a comprehensive plan with Finance Minister Muhammad Aurangzeb on digitisation and strategy to achieve the revenue collection target of Rs 12.970 trillion for 2024-25.
Federal Minister for Finance and Revenue visited FBR 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.
FBR exceeds revenue target by Rs54bn
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 FBR informed that it 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, net revenue of Rs. 659.2 billion was 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 Duty, and Rs. 91.7 billion under the head of Customs Duty.
Copyright Business Recorder, 2024