Revenue collection surges 33pc in March

Tax collection by the Federal Board of Revenue (FBR) fell short of the target by almost Rs1 billion in March, mainly due to a drop in domestic taxes and customs duty, provisional figures showed on Saturday. The revenue collection in March stood at Rs878bn against a projected target of Rs879bn. It increased by 32.62pc compared with Rs662bn in the corresponding month last year. These figures would further improve after book adjustments are taken into account. Moreover, the revenue collection figure is up to March 30. The FBR is expecting more revenue on Sunday, the last day of the current month. During the first nine months (July-March) of FY24, the FBR collected Rs6.709 trillion, exceeding the Rs6.708tr target by Rs1bn. As a result, the shortfall witnessed in February and January was covered owing to higher collection in March 2024.