Islamabad: In a remarkable fiscal performance for July 2024, the Federal Board of Revenue (FBR) has exceeded its revenue target by collecting PKR 659 billion, surpassing the set goal of PKR 656 billion for the month. This accomplishment signifies a robust commencement to the fiscal year 2024-25.

According to Zameen.Com, the FBR's revenue for July 2024 showcased a substantial increase from the PKR 542 billion recorded in the same month last year, marking a growth of PKR 117 billion. A breakdown of the revenue sources indicates that income tax contributed PKR 300.2 billion, sales tax amounted to PKR 307.9 billion, customs duty accounted for PKR 91.7 billion, and Federal Excise Duty generated PKR 37.4 billion.

After accounting for refund payments totaling PKR 77.9 billion, the FBR's net tax collection stood firm at PKR 659.2 billion for the month, underlining a strong financial trajectory for the start of FY25.