KARACHI: Federal Board of Revenue (FBR) Large Taxpayer Office Karachi for first time crossed one trillion benchmark of half-yearly collection by incurring taxes amounting to Rs 1,221 billion during July to December 2023. In first six months of fiscal year 2023-24, tax collection surpassed target of Rs 1,216 billion and registered growth of 26.79 percent over corresponding period of FY22-23 in which tax collection stood at Rs 963 billion, Commissioner Inland Revenue LTO Karachi Girdhari Mal informed while briefing media.

He said that target was achieved despite nominal growth on imports at 2.5 percent and as such substantial growth of 47 percent has been achieved in domestic taxes. He expressed optimism that LTO will achieve tax collection of over Rs 2.5 trillion in current fiscal year 2023-24 as economic indicators including GDP growth, currency stabilisation, foreign trade, current account, revenue generation and inflation expectations were showing improvement along with boom in stock market.

Indicators suggest “Economic slump is converting into economic recovery,” he said. He vowed that FBR was striving to contribute in government’s efforts for steering out of economic woes.

He said that H1FY 2023-24 tax collection witnessed positive growth in banking, cotton ginning, electric and electronics, FMCGs. insurance, pharmaceutical, software and shipping sectors while automobile and auto parts, construction and oil exploration sectors remained in negative zone.

Published in The Daily National Courier, January, 04 2024

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