The Federal Board of Revenue (FBR) has collected the highest-ever tax in its history for the month of December 2024.
FBR officials confirmed that over Rs800 billion in taxes were collected by January 30, Express News reported.
The target for January 2025 was set at Rs956 billion, with a potential shortfall of Rs40 to 50 billion. However, officials remain confident they will approach the target.
According to officials, the International Monetary Fund (IMF) evaluates tax collection on a quarterly basis, not monthly. The target for tax collection from January to March is Rs3,150 billion, and they expect improved collection in March as economic activity picks up.
Data from FBR showed that December 2024 saw the highest-ever tax collection in FBR's history, with Rs1,330 billion collected in that month alone.
However, there was a shortfall of Rs384 billion in the tax revenue from July to December 2024-25.
In the first six months of the fiscal year, FBR collected Rs5,624 billion in taxes, although the target for this period was Rs6,008 billion.
Earlier, FBR has rejected the Association of Builders and Developers' (ABAD) proposals to relax property purchase regulations.
ABAD had suggested that properties up to Rs25 million and the first home worth up to Rs50 million should be exempt from scrutiny, but FBR maintained that properties above Rs10 million will still require disclosure of income sources via a wealth statement.
FBR officials also emphasized that changes to property evaluation for tax purposes, including including gold, stocks, or inherited properties, are not allowed under current laws.
The FBR also clarified that property purchases would be recorded under the National Tax Number (NTN).
A proposal to amend tax laws to include spouses and dependents in eligibility for cash and cash equivalents was also discussed. Further revisions to tax amendment recommendations will be submitted for review.
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