Islamabad, June 30, 2024 – The Federal Board of Revenue (FBR) announced on Sunday that it has surpassed its tax collection target for the fiscal year 2023-24 by Rs 54 billion, achieving a total collection of Rs 9.306 trillion.This accomplishment exceeds the assigned target of Rs 9.252 trillion and is anticipated to increase further following the reconciliation of figures.The FBR’s revenue collection demonstrated a significant 30 percent growth compared to the previous fiscal year. This impressive performance was attributed to historic collection figures throughout the financial year. The FBR added Rs 2,142 billion to its revenue compared to last year’s collection of Rs 7.164 trillion, including Rs 1,183 billion collected in June 2024 alone. This achievement is particularly noteworthy given the reduction in imports from $55 billion to $53 billion, necessitating a greater reliance on domestic taxes.Structural Improvements and Policy ShiftsIn addition to surpassing the annual target, Pakistan’s tax system saw significant structural improvements, largely due to the active involvement of the Prime Minister and Finance Minister. This progress reflects a strategic policy shift emphasizing domestic resource mobilization, increased direct taxation on the wealthy, and facilitation of businesses and exporters through prompt refund issuance.• Under the Prime Minister’s directives, the FBR disbursed refunds totaling Rs 469 billion during FY 2023-24, a 42 percent increase from the Rs 331 billion disbursed in FY 2022-23.• The government’s focus on direct taxes played a crucial role in achieving the revenue target, with direct taxes contributing 47 percent to the total revenue collection.• Domestic taxes saw substantial improvement, with the FBR…