ISLAMABAD, JULY 18: Due to an increase in the Federal Excise Duty (FED) rates on cigarettes during the most recent fiscal year, the total gain in FED collection for 2023–24 was 56.1 percent. Data from the FBR for 2023–24 shows that the agency collected Rs. 9,311 billion, or 100% of the objective, while also meeting its goal of Rs. 9,252 billion.
An analysis of tax trends showed that between 2023 and 2024, sales tax increased by 19.5%, FED increased by 56.1 percent, direct taxes increased by 36.5 percent, and customs duties increased by 30 percent.
Revenue from income taxes increased by Rs. 1,261 billion from Rs. 3,270 billion in 2022–2023 to Rs. 4,531 billion in 2023–2024. Revenue from sales tax collection increased by Rs. 506 billion from Rs. 2,593 billion in 2022–2023 to Rs. 3,099 billion in 2023–2024.
The amount of customs duty collected during the review year was Rs. 1,104 billion, indicating a rise of Rs. 173 billion from Rs. 931 billion in 2022–2023. The Federal Excise Duty (FED) increased by Rs. 208 billion to Rs. 577 billion in 2023–24 from Rs. 370 billion in 2022–23.
Further analysis of the FBR statistics (2023–24) showed that the targets for income tax (121.8%), sales tax (84.9%), FED (96.2%), and customs duties (100.6%) had all been met.
