FBR Surpasses Tax Collection Target for July

The Federal Board of Revenue (FBR) has provisionally collected over Rs. 659 billion in July 2024 against the assigned target of Rs. 656 billion. The FBR has successfully achieved the revenue collection target for the first month of the current fiscal year 2024-25 (FY25). The FBR has collected over Rs. 659 billion in July 2024 against Rs. 542 billion collected in July 2023, showing an increase of Rs. 117 billion. According to the data issued by FBR, income tax collection stood at Rs. 300.2 billion during July 2024. Sales tax collection during the month stood at Rs. 307.9 billion. Customs duty collection came in at Rs. 91.7 billion, and collection of Federal Excise Duty (FED) was Rs. 37.4 billion during July 2024. The gross tax collection stood at Rs. 737.2 billion in July 2024. After payment of refunds of Rs. 77.9 billion, the net tax collection stood at Rs. 659.2 billion during this period.