The Federal Board of Return (FBR) collected the highest tax in its history for the month of December 2024.
FBR officials confirmed that more than 800 billion tax rupees had been collected before January 30, Express News reported.
The target of January 2025 was set at 956 billion rupees, with a potential deficit of RS40 to 50 billion. However, civil servants remain convinced that they will approach the target.
According to officials, the International Monetary Fund (IMF) assesses the tax collection on a quarterly and non -monthly basis. The target of tax recovery from January to March is 3,150 billion rupees, and they expect an improved collection in March as economic activity resumes.
FBR data showed that December 2024 saw the highest tax collection in FBR history, with 1,330 billion rupees collected this month only.
However, there was a deficit of 384 billion rupees in tax revenue from July to December 2024-25.
During the first six months of the financial year, FBR collected 5,624 billion tax rupees, although the objective of this period is 6,000 billion rupees.
Earlier, FBR rejected the proposals of the Association of Manufacturers and Developers (ABAD) to relax the purchase regulations of goods.
Abad had suggested that the properties of up to 25 million rupees and the first house of a value of up to 50 million rupees should be exempt from the exam, but FBR argued that the properties greater than 10 million rupees will always require the disclosure of income sources via a declaration of wealth.
FBR officials also stressed that changes in the assessment of goods for tax purposes, in particular by including gold, actions or inherited properties, are not authorized under current laws.
The FBR also said that purchases of properties would be recorded under the national tax number (NTN).
A proposal to modify tax laws to include spouses and dependents in eligibility for cash and cash equivalents has also been discussed. Other revisions of tax modification recommendations will be subject to examination.
