The International Monetary Fund (IMF) has predicted the Federal Board of Revenue (FBR) to collect the highest ever tax revenue in the current financial year 2023-24.
The IMF Country Report on Pakistan, released on 19 January 2024, predicted that the FBR's tax collection would increase by Rs 2,000 billion. 2,282 billion, with total tax collections expected to reach Rs. 9,415 billion by the end of June FY24.
The IMF estimates that the FBR is well positioned to meet its tax collection target for the current fiscal year.
In FY25, the IMF projects an even bigger increase in FBR's tax revenue, tipping the tax machinery to collect a little over Rs. 11,000 billion estimated increase of Rs.1,590 billion.
Breaking down the projections for the next fiscal year, the IMF has predicted that direct taxes will rise to Rs 1000 billion. 4,803 billion in FY25, while sales tax collections are expected to rise to Rs. 4,114 billion.
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