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

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8 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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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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3 days ago

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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2 weeks ago

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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2 weeks ago

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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