ISLAMABAD: The Federal Board of Revenue collected Rs9.285 trillion in 2023-24, slightly exceeding the downward revised target of Rs9.252tr.

The budgetary target of Rs9.415tr was revised downward to exclude the tax amount that was stuck in superior courts because of the non-implementation of tax measures announced in the budget 2023-24.

The courts stayed the collection of super tax and windfall income tax. Three taxes — sales tax, FED and customs duty fell short of revised targets. The income tax collection only surpassed the revised target for the outgoing fiscal year.

According to FBR official, the income tax collection reached Rs4.512tr as against the revised target of Rs3.721tr, indicating that the collection surpassed the target by 21.25pc.

However, the sales tax collection reached Rs3.096bn against the target of Rs3.607tr, indicating a shortfall of 14.16pc despite revising the target.

The federal excise duty collection stood at Rs576bn against the target of Rs600bn, falling short of target by 4pc. The customs collection stood at Rs1.101tr against the target of Rs1.324tr, a shortfall of 16.84pc.

Published in Dawn, June 30th, 2024