Pakistan expects to collect highest-ever taxes in FY2024

FBR tax revenue collection

ISLAMABAD: The International Monetary Fund (IMF) has lauded the Federal Board of Revenue (FBR) for its performance in expanding Pakistan’s tax net.

This positive evaluation comes as the FBR is making significant strides towards achieving a target of collecting Rs9.4 trillion in taxes for the fiscal year 2023–24.

The international lender is optimistic that Pakistan is poised to achieve its highest-ever tax collection in the upcoming fiscal year.

The IMF has projected a robust tax collection figure of Rs11.5 trillion for the years 2024–25. In its detailed forecast, the IMF anticipates direct taxes amounting to Rs4803 billion and sales tax contributions reaching Rs4114 billion.

Highlighting the economic stability efforts of Pakistan’s caretaker government, the IMF expressed its appreciation for the policies implemented under the interim leadership.

Specifically, the IMF commended the government for maintaining economic stability.

The international financial institution underscored the caretaker government’s role in formulating decisive policies, contributing to ongoing economic stability.

Notably, the interim government is expected to continue in power until the general elections in Pakistan are scheduled for February 8.

This commendation from the IMF reflects positively on Pakistan’s economic trajectory, signalling international confidence in the country’s fiscal management.

As the FBR continues its efforts to expand the tax net, the forecasted record tax collection figures for the upcoming fiscal years are indicative of a positive economic outlook for Pakistan.

Read next: Is PTA cutting approval charges for smartphones?

You May Also Like