Revenue collection jumps 25pc in January
Tax collection by the Federal Board of Revenue (FBR) fell short of the target by almost Rs9 billion in January mainly due to lower collection in domestic taxes and customs duty, provisional figures showed on Wednesday. The revenue collection in January stood at Rs681bn against a projected target of Rs689.6bn. It increased by 24.95pc when compared with Rs545bn in the corresponding month last year. These figures would further improve after book adjustments have been taken into account. During the first seven months (July-January) of FY24, the FBR collected Rs5.150 trillion, exceeding the Rs5.115tr target by Rs35bn. As a result, the shortfall witnessed in January was covered owing to higher collection in December 2023. The government has projected a revenue collection target of Rs9.415tr for FY24 as against the revised collection of Rs7.2tr in FY23, an increase of Rs2.219tr or 30pc.