Govt surpasses petroleum levy tax collection target

WEB DESK: In a significant fiscal achievement, the government has met its petroleum levy tax collection target for the fiscal year 2023-2024 within the first eleven months.

The target was set at Rs869 billion, but the actual collection has likely reached Rs902 billion by the end of May 2024.

With the inclusion of June’s revenue, the total collection is projected to approach Rs1 trillion, surpassing expectations and showcasing the government’s effective revenue strategies.

Furthermore, the Federal Board of Revenue (FBR) has reported a total revenue collection of Rs8.12 trillion for the first eleven months of FY2024. This marks a substantial increase of 30.8 per cent compared to the Rs6.21 trillion collected during the same period in the previous fiscal year.

This robust performance underscores the government’s commitment to enhancing fiscal discipline and improving revenue generation mechanisms, contributing to the country’s economic stability and growth.

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