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The Federal Board of Revenue (FBR) has surpassed its revenue target for fiscal year 2024.

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5 months ago

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That’s Rs9.306 trillion that the Federal Board of Revenue (FBR) collected in fiscal year 2023–24, compared to the aim of Rs9.252 trillion. This is an increase of Rs54 billion in the yearly revenue goal.

According to a news release from the FBR released here on Sunday, the revenue is likely to rise even more after the numbers are cleaned up.

Thirty percent more money was brought in than the previous year. Due to collecting historical data throughout the current fiscal year, this was possible.

The FBR has added Rs2.142 trillion this year compared to Rs7.164 trillion it collected last year and Rs1.183 trillion in June 2024 alone.

Although imports were cut even more, from $55 billion to $53 billion, the goal was still met. The difference in imports was supposed to be made up for by local taxes.

In addition to going above and beyond the annual goal, the premier and finance ministers’ interest led to major structural changes in the Tax System of Pakistan.

This is a direct result of a policy change that put more emphasis on finding and using domestic resources, taxing the wealthy and rich more directly, and making things easier for businesses and exporters by giving them returns quickly:

Because the prime minister told them to, the FBR gave out returns worth Rs469 billion in FY 2023-24, up 42% from FY 2022-23’s Rs331 billion.
With the government’s focus on direct taxes, the revenue collection goal was met largely because of an increase in direct taxes, which made up 47% of the total revenue.
FBR collected Rs6.128 trillion in domestic taxes and Rs3.178 trillion in import taxes, showing a growth of 37% in domestic taxes and 18% in imports, even though imports dropped from $55 billion last year to $53 billion this year.
When compared to two years ago, domestic taxes made up less than half of all income collected. Now they make up 65 percent.
The Federal Board of Revenue (FBR) took Rs4.528 trillion in income tax in FY 2023–24, up 38.4pc from Rs3.270 trillion in the same timelast year.

Additionally, Rs3.098 trillion was collected in sales tax compared to Rs2.593 trillion, and Rs576 billion was collected in Federal Excise Duty (FED) compared to Rs370 billion.

For Customs Duty, Rs 1,104 billion was collected, up from Rs 931 billion the previous year, according to a press statement.

No matter what problems or odds the organization as a whole has faced, the officers and employees of FBR have stayed dedicated to their main job, which is to meet the allocated revenue goals no matter what.

Targets for collecting taxes are directly linked to Pakistan’s economic growth, and the people who work at FBR are fully determined and ready to take on the tasks and show more wins in the years to come.

In addition, it was said again that the FBR team is ready to deliver on their income collection goal for FY 2024-25 and will do their utmost to reach it and serve the country.

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Business

Amidst better macroeconomic data, stocks are still rising.

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8 hours ago

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Following positive remarks made by the International Monetary Fund (IMF) team during its just-completed visit, the Pakistan Stock Exchange (PSX) continued to see bulls’ rise.

The benchmark KSE-100 index gained 813.04 points on Tuesday and was currently trading at 95,808.71 points.

Increased purchasing was observed in a number of industries, including power generation, cement, commercial banks, oil and gas exploration firms, OMCs, and pharmaceuticals.

HUBCO, PSO, SBGPL, MARI, OGDC, PPL, MEBL, and MCB were among the index-heavy stocks that saw a financial bonanza.

A number of variables are thought to be responsible for the market’s ongoing bullish momentum, chief among them being Finance Minister Muhammad Aurangzeb’s refutation of press reports about the potential for a mini-budget.

Investor confidence was also bolstered by an increase in Pakistan’s foreign exchange reserves.

The benchmark KSE-100 index finished Monday at 94,995 points, so keep that in mind.

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Present day gold prices in Pakistan as of today.

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On Tuesday, the price of gold in Pakistan, which mirrors a surge in the international market, experienced a large increase. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola experienced a significant increase of Rs3,600, ultimately reaching Rs273,500.

The price of ten grammes of gold increased by Rs3,086, reaching a final level of Rs234,482 in a similar fashion. On Monday, the price of one tola of gold hit Rs269,900, which was a gain of Rs2,500. The increase in gold prices occurred the day after that, on Tuesday.

As a result of the rise in international gold rates, the local gold prices have also been on an increasing trend. The price of one ounce of gold on the global market hit $2,623 on Tuesday, representing a $36 gain from the previous day for the price. In addition, the APGJSA observed that the worldwide price was increased by twenty dollars.

The price of silver has stayed steady at Rs3,250 per tola, despite the fact that gold prices have been on the rise.

Over the course of the past several months, the price of gold in Pakistan has significantly increased, reaching an all-time high of Rs287,900 per tola in the month of October. As a result of a weakening of the United States dollar and widespread anticipation over impending announcements from officials of the Federal Reserve regarding future interest rate adjustments, the foreign market also experienced a lift on Tuesday.

After a 2% increase on Monday, spot gold reached its highest level since November 12 at $2,623.54 per ounce, showing a 0.4% increase. This marks the highest level since November 12.

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In terms of Pakistan’s Current Account: As information technology exports reached $330 million in October, Pakistan reports a CA surplus of $349 million.

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With a surplus of 349 million dollars in the Current Account for the month of October 2024, Pakistan’s information technology exports reach the 330 million dollar milestone. This is in contrast to the surplus of 86 million dollars and 29 million dollars that Pakistan experienced in September 2024 and August 2024, respectively.

In October 2024, Pakistan’s information technology exports reached 330 million dollars, representing a 36 percent year-on-year increase and a 13 percent month-on-month gain.

IT exports in the first four months of fiscal year 25 were around 1.21 billion dollars, which is a 35% increase from the previous year. This is the thirteenth straight month of year-over-year growth on the IT export front.

In October 2024, Pakistan’s current account showed a surplus of 349 million dollars, which is significantly higher than the surpluses of 86 million dollars observed in September 2024 and 29 million dollars in August 2024, respectively.

It is the third consecutive month that a current account surplus has been recorded, and the volume of this surplus is the greatest it has been since March of 2024, according to statistics that was issued by the State Bank of Pakistan.

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