In Islamabad, the Federal Board of Revenue (FBR) has surpassed its tax collection target for the nine-month period of fiscal year 2023-24 by Rs3 billion, gathering a total of Rs 6710 billion in taxes, as reported by a private news channel.
According to FBR Spokesman Afaq Qureshi, speaking to a private TV channel, the tax revenue target for the first three quarters of the current fiscal year was set at Rs 6707 billion. However, the actual tax revenue collected surpassed this target, reaching Rs 6710 billion, exceeding the goal by Rs 3 billion. Additionally, the FBR issued refunds totaling Rs 369 billion from July 2023 to March 2024.
Qureshi highlighted a 30% increase in tax collection compared to the same period in the previous fiscal year. The FBR has ensured that selected tax offices and bank branches remain open on Saturdays and Sundays to facilitate tax collection efforts.
Moreover, the FBR introduced the 'Tajir Dost Scheme,' slated for implementation in major metropolitan cities including Karachi, Lahore, Peshawar, Quetta, and Islamabad, starting from July 1, 2024.
Under this scheme, registration will commence in phases, starting with major cities such as Karachi, Lahore, Peshawar, Islamabad, and Rawalpindi. Tax collection under the scheme will become effective from July 1. The notification mandates the registration of retailers, with traders who pay their taxes before the 15th of each month receiving a 25% concession. Taxes will be levied based on the annual rental value of the shop, with each shopkeeper required to pay a minimum annual income tax of Rs 1200.
