Islamabad, Pakistan – The Federal Board of Revenue (FBR) has reported a significant increase in the number of tax return filers for the fiscal year 2023 (FY23), with a 71% surge bringing the total to 5.3 million.
Despite falling short of its revenue target for the first two months of the current fiscal year, the FBR has exceeded its annual collection target for FY23, collecting Rs9.285 trillion. Express Tribune
The FBR has set an ambitious revenue collection target of Rs12.97 trillion for the fiscal year 2024-25, aiming to increase tax revenue to 15% of the country’s GDP. This will require broadening the tax base and simplifying the tax system.
The government’s efforts to increase tax revenue are closely linked to its ongoing negotiations with the International Monetary Fund (IMF) for a $7 billion loan. Meeting the revenue targets is crucial for securing the IMF’s support and stabilizing Pakistan’s economy.
