Pakistan’s tax authority says surpassed revenue collection target for FY24

An elderly woman counts Pakistani currency notes at a fruit market in Lahore on December 14, 2011. (AFP/File)
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Updated 01 July 2024
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Pakistan’s tax authority says surpassed revenue collection target for FY24

  • Federal Board of Revenue (FBR) says it collected Rs9,306 billion ($33.55 billion) as opposed to target of Rs9,252 billion ($33.36 billion) for FY24
  • FBR says ready to put in “best efforts” to achieve ambitious revenue target of Rs13 trillion for this fiscal year

ISLAMABAD: The Federal Bureau of Revenue (FBR) announced on Sunday it had surpassed its revenue collection target of Rs9,252 billion ($33.36 billion) by collecting Rs9,306 billion ($33.55 billion) for the previous fiscal year, saying it is ready to achieve the ambitious revenue target for the current fiscal year. 

Pakistan’s narrow tax base and enduring tax evasion issue leads to the problem of insufficient revenue collection for the country’s fragile economy each year. The shortfall exacerbates the government’s tendency to run a high fiscal deficit, often financed through domestic and international borrowing, increasing the nation’s debt burden.

The FBR announced on social media platform X it had “comfortably achieved” its revenue collection target for the previous fiscal year, collecting Rs9,306 billion ($33.55 billion) in total and thus exceeding its target by Rs54 billion ($190 million). 

“The growth in revenue collection is 30 percent as compared to the last year,” the FBR wrote on X. 

The FBR said it had collected Rs1,183 billion ($4.27 billion) in June alone, adding that the target was despite imports being compressed from $55 billion ($200 million) to $53 billion ($200 million).

“For the FY 2023-24, FBR collected income tax amounting to Rs4,528 billion ($16.33 billion) as compared to Rs3,270 billion ($11.79 billion) during the same period last year, depicting an increase of 38.4 percent,” the tax authority wrote. 

“Similarly, under the head sales tax Rs3,098 billion ($11.17 billion) was collected as compared to Rs2,593 billion ($9.35 billion).”

The FBR said it collected Rs576 billion [$2.08 billion] in Federal Excise Duty (FED) compared to Rs370 billion ($1.33 billion) last year while the revenue collection under the Customs Duty tax head was recorded at Rs1,104 billion ($3.98 billion) compared to Rs931 billion ($3.36 billion) last year.

“FBR collected Rs6,128 billion ($22.09 billion) in domestic taxes and Rs3,178 billion ($11.46 billion) in import taxes, thereby depicting a growth of 37 percent in domestic taxes and 18 percent in imports despite import compression during the current financial year,” it said. 

The tax authority said it had disbursed refunds amounting to Rs469 billion during FY 2023-24 compared to Rs331 billion ($1.19 billion) during FY 2022-23, with the amount being 42 percent more than last year.

“In addition to exceeding the annual revenue target, the Tax System of Pakistan also witnessed significant structural improvements, which were a direct result of the interest of the Honorable Prime Minister and Finance Minister,” it said. 

The FBR said that despite all odds, it remains committed to achieving targets “under all circumstances.” 

“It is reiterated that for the assigned revenue collection target for the FY 2024-25, the team FBR is ready to deliver and put in their best efforts to achieve it and serve the nation,” it added. 

Pakistan has set a challenging tax revenue target of Rs13 trillion ($46.66 billion) for the current fiscal year, a near 40 percent jump from the previous one, to strengthen the case for a new bailout deal with the International Monetary Fund (IMF). 

Pakistan’s new administration has decided to digitalize the tax collection system to prevent leakages, even as a large segment of the national economy remains undocumented.


Pakistan to crack down on smuggling of seeds from archrival India

Updated 7 sec ago
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Pakistan to crack down on smuggling of seeds from archrival India

  • Pakistan’s food security minister says the country is falling behind India in seed quality and yield
  • He says National Seed Development Authority will curb fake seeds, enforce stringent regulations

KARACHI: Pakistan said on Tuesday it would launch a crackdown on the smuggling of seeds from archrival India while emphasizing better regulation of the domestic seed market and promotion of local agricultural innovation.
The move comes amid renewed tensions between the nuclear-armed neighbors after last month’s deadly attack on Indian tourists in Pahalgam, which New Delhi blamed on Pakistan, though Islamabad denied the charge.
Both countries have since taken tit-for-tat measures against each other, downgrading bilateral trade and diplomatic ties. India has also suspended the Indus Waters Treaty (IWT), a decades-old pact governing cross-border river flows, raising food security concerns for lower riparian Pakistan in the longer run.
Pakistan’s Federal Minister for National Food Security and Research, Rana Tanveer Hussain, chaired a high-level meeting focusing on the issue, pointing out that Indian seeds were being smuggled into Pakistan and openly advertised on social media platforms.
“The Ministry is working closely with law enforcement agencies to take strict action against those involved in this illegal activity,” he said.
He also warned that the country, once ahead of India in agricultural innovation, was now falling behind.
“It is unfortunate that we now cite India’s example in seed quality and yield performance,” he added.
Hussain also raised the issue of the widespread sale of non-certified and substandard seeds in local markets, saying the authorities had banned 392 companies found guilty of distributing fake seeds.
The participants of the meeting said more than 50,000 metric tons of cotton seeds were available for the upcoming season, nearly meeting the total requirement of 53,796 metric tons and easing concerns about shortages.
According to a statement circulated after the meeting, the minister addressed the problem of price volatility in the seed market, saying the National Seed Development Authority had been established to monitor seed quality, prevent the sale of fake seeds and enforce stringent regulations.
He also reaffirmed the Ministry’s commitment to protecting farmers’ rights, ensuring food security, and transforming the agriculture sector through transparency, regulation and innovation.


Delegation from Pakistan’s top military university in UAE to discuss academic collaboration

Updated 3 min 46 sec ago
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Delegation from Pakistan’s top military university in UAE to discuss academic collaboration

  • Delegation members are representatives of National Defense University, Pakistan’s leading military educational institute
  • Pakistani delegation will meet UAE officials, think tanks and other institutions during visit, says Pakistan embassy in Abu Dhabi

ISLAMABAD: A delegation of senior Pakistani military and civil officers has arrived in the United Arab Emirates (UAE) to enhance bilateral dialogue, academic cooperation and understanding between the two nations, the Pakistan embassy in Abu Dhabi said on Tuesday. 

The delegation are representatives of the National Defense University, Pakistan’s leading military educational institute situated in Islamabad, the embassy said in a statement. It added that the delegation comprises senior military and civil service officers, including those from friendly countries as well. 

“The Embassy of Pakistan in Abu Dhabi hosted a delegation of National Security and War Course (NSWC) of the National Defense University (NDU), Islamabad, during their foreign study visit to the United Arab Emirates (UAE),” the embassy said in its statement.

“The visit aims to enhance bilateral dialogue, academic collaboration, and mutual understanding between Pakistan and the UAE.”

Pakistan’s Ambassador to the UAE Faisal Niaz Tirmizi welcomed the delegation, stressing the significance of these exchanges in deepening bilateral cooperation. He stated that the visit also reflects our commitment to strengthening the historic Pakistan-UAE partnership, the embassy said. 

“During their visit, the delegation will have high-level interactions with UAE government officials, think tanks, and other institutions of UAE,” the statement said.

The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment valued at over $10 billion in the last 20 years, according to the UAE foreign ministry.

It is also home to more than a million Pakistani expatriates. Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.

The two nations have stepped up efforts in recent years to strengthen their business and investment ties. In January 2024, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure.


Pakistan, Bangladesh resolve to strengthen bilateral ties, maintain high-level contacts

Updated 06 May 2025
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Pakistan, Bangladesh resolve to strengthen bilateral ties, maintain high-level contacts

  • Pakistan’s Foreign Minister Ishaq Dar speaks to Bangladesh Foreign Affairs Adviser Touhid Hossain, says state media 
  • Islamabad and Dhaka have attempted to rebuild bitter relations since ouster of Sheikh Hasina’s government last year

ISLAMABAD: Pakistan’s Foreign Minister Ishaq Dar agreed to strengthen bilateral relationship with Bangladesh and maintain high-level contacts with its leadership, state-run media reported on Tuesday, as Islamabad looks to forge closer ties with the Muhammad Yunus-led government. 

Pakistan and Bangladesh, once one nation, split after a brutal 1971 war with Dhaka drawing closer to Islamabad’s arch-rival New Delhi. However, long-time Bangladeshi prime minister Sheikh Hasina was ousted after her government was overthrown in August 2024. She fled via helicopter to India as Dhaka attempts to extradite her. 

Relations between India and Bangladesh’s interim government have been frosty since then, allowing Islamabad and Dhaka to rebuild ties slowly. Dar spoke to Touhid Hossain, Bangladesh’s foreign affairs adviser, over the telephone on Monday, Pakistani state broadcaster said. 

“Pakistan and Bangladesh have reaffirmed their mutual commitment to further strengthen bilateral relations and maintain regular high-level engagements,” Radio Pakistan reported. 

Direct private trade between the countries restarted in November 2024, when a container ship sailed from Pakistan’s Karachi to Bangladesh’s Chittagong. It was the first cargo ship in decades to sail directly between the countries.

Dar discussed Pakistan’s increased regional tensions with India during his conversation with Hossain, in light of New Delhi’s “unfounded” allegations it was involved in an attack last month in Indian-administered Kashmir. 

Gunmen killed 26 tourists in Pahalgam tourist resort on April 22, straining ties between the two nations as India blamed Pakistan for backing the attack. Islamabad denied involvement and has asked New Delhi to share proof to substantiate its claims, something it hasn’t done yet. 

“The Bangladeshi Foreign Affairs Adviser expressed concern over the current situation and emphasized the need for de-escalation and exercising restraint by all parties,” Radio Pakistan said. 

India and Pakistan — carved out of the subcontinent at the chaotic end of British colonial rule in 1947— have fought multiple wars and remain bitter foes. The two countries claim the disputed Himalayan territory of Kashmir in full but govern only parts of it separated by a Line of Control (LoC) de facto border. 


Peshawar Zalmi thrash Multan Sultans by 7 wickets, keep PSL playoff hopes alive

Updated 06 May 2025
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Peshawar Zalmi thrash Multan Sultans by 7 wickets, keep PSL playoff hopes alive

  • Zalmi all-rounder Ahmad Daniyal returns figures of 3/17, Luke Wood and Maaz Sadaqat take two wickets each 
  • Peshawar will next face Karachi Kings on Wednesday and two-time champions Lahore Qalandars on Friday 

ISLAMABAD: Peshawar Zalmi continued their impressive run of form on Monday by beating Multan Sultans by seven wickets at their home ground, effectively keeping their hopes of qualifying for the Pakistan Super League (PSL) playoffs stage alive. 

The Sultans batted first at their home turf but were unable to impress, losing a flurry of wickets as Zalmi bowlers kept on taking breakthroughs at regular intervals. The only signs of resistance came from Shai Hope, who top-scored for the Sultans with 23 runs while middle-order batter Tayyab Tahir made 22. 

Zalmi’s Ahmad Daniyal was the pick of the bowlers, returning figures of 3/17 from four overs while Luke Wood and Maaz Sadaqat picked two wickets each to ensure the Sultans were bowled out for 108 runs in 19.1 overs. 

“In the 25th match of Pakistan Super League, Peshawar Zalmi defeated Multan Sultans by seven wickets in Multan last night,” Radio Pakistan reported. 

Zalmi chased the total in 13 overs with seven wickets to spare. Explosive opening batter Saim Ayub scored 49 runs from 33 balls while Max Bryant remained unbeaten on 38 from 20 balls. 

Zalmi captain Babar Azam scored 8 runs from 13 balls while Mitchell Owen scored only one run from two balls. For the Sultans, Shahid Aziz returned figures of 2/17 from three overs while David Willey finished with 1/9 from his single over. 

The “Yellow Storm” remain at number five on the PSL points table with four wins from a total of eight matches. The top four teams will qualify for the PSL playoffs. 

If Zalmi qualify for the playoffs, Azam’s team will remain the only one to qualify for every playoff since the edition began in 2016. 

Zalmi will next play Karachi Kings on Thursday before taking on former two-time PSL champions Lahore Qalandars on Friday. 


Pakistan army chief, Iranian FM review border management, security challenges

Updated 06 May 2025
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Pakistan army chief, Iranian FM review border management, security challenges

  • Pakistan and Iran have often been at odds over instability along their shared, porous border 
  • Araghchi arrived in Islamabad this week to discuss surging tensions between India and Pakistan

ISLAMABAD: Army Chief General Syed Asim Munir reviewed border management and security challenges with Iran’s Foreign Minister Seyyed Abbas Araghchi this week, the Pakistan military’s media wing said, with the two sides agreeing to enhance bilateral cooperation. 

Pakistan and Iran have often been at odds over instability along their shared, porous border and routinely trade blame for not rooting out militancy. Tensions surged in January last year when Pakistan and Iran exchanged airstrikes, with both claiming to target alleged militant hideouts in each other’s territory.

Araghchi arrived in Pakistan on Monday to hold talks with Pakistani leadership as Islamabad’s tensions with New Delhi surge. Iran has offered to mediate between the two nuclear-armed nations as the threat of war looms over the South Asian region. 

“The meeting featured constructive discussions on the geo-strategic environment, with particular focus on challenges confronted by both countries in the domain of security,” the Inter-Services Public Relations (ISPR), the military’s media wing, said on Monday. 

“The Pak-Iran border security mechanism was also reviewed as part of efforts to enhance bilateral coordination.”

The statement said both sides agreed to stay engaged for enhanced bilateral cooperation, while jointly working to assist in bringing “positive developments” in issues concerning the region.

“The Iranian FM acknowledged and appreciated Pakistan’s efforts for peace and stability in the region,” the ISPR said. 

Earlier, Araghchi met Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar as the two held delegation-level talks. Dar expressed appreciation for the positive momentum in Pakistan-Iran relations and emphasized the need to expand cooperation in key areas including trade, energy, border security, and regional connectivity, state-run Radio Pakistan reported.