FBR unveils digitisation plan to meet revenue target

WEB DESK: On Monday, the Federal Board of Revenue (FBR) presented a detailed strategy to Finance Minister Muhammad Aurangzeb, aimed at achieving a revenue collection target of Rs12.970 trillion for the fiscal year 2024-25.

According to Business Recorder, the plan focuses on enhancing digitisation and improving revenue collection methods.

The Finance Minister visited the FBR Headquarters, where he chaired a meeting attended by State Minister for Finance & Revenue Ali Pervez Malik, Chairman FBR Rashid Mahmood Langrial, and other senior officials.

During the meeting, the Minister commended the contributions of former FBR Chairman Malik Amjed Zubair Tiwana, particularly his efforts in the budgeting process and IMF negotiations.

The Minister also extended a warm welcome to the new FBR Chairman, Rashid Mahmood Langrial, expressing confidence in his leadership to meet the organisation’s targets.

The meeting included presentations by Mir Badshah Khan Wazir, Member Inland Revenue (Operations), and Ashhad Jawwad, Member Customs (Operations), who outlined the strategies for their respective areas.

The FBR reported a successful start to the fiscal year, achieving the revenue target for July 2024-25. The actual collection was Rs659.2 billion, surpassing the target of Rs656 billion, despite issuing refunds amounting to Rs77.9 billion.

The revenue collected included Rs300.2 billion from Income Tax, Rs307.9 billion from Sales Tax, Rs37.4 billion from Federal Excise Duty, and Rs91.7 billion from Customs Duty.

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