ISLAMABAD: The Federal Board of Revenue (FBR) collected 5.150 trillion rupees from July 2023 to mid-February 2024 against 3.973 trillion rupees over the corresponding period last fiscal year, showing growth of 30%.
During the course of this period, tax refunds surged by more than 28%, according to a statement issued by the Finance Ministry on Tuesday.
Overall growth in the domestic taxes has been around 40 percent, while import duty and related taxes grew by 16 percent over the July 2023 to January 2024 period.
Notwithstanding, growth in import taxes dropped largely due to downward adjustments in import tariffs over the years and, more recently, restrictions on import licenses imposed by the State Bank of Pakistan to contain the balance of payments position in the wake of foreign exchange constraints.
The revenue collection from imports, however, incorporates the impact of the improvements in the valuation of imports that yielded 151 billion rupees collections as well as the smuggling drive that witnessed almost 69 percent growth during the current fiscal year compared to last year.
