The Federal Board of Revenue (FBR) has achieved its highest-ever tax collection for the month of December 2024. According to FBR officials, over Rs800 billion in taxes were collected by January 30.
The tax collection target for January 2025 was set at Rs956 billion. with a potential shortfall of Rs40 to 50 billion. However, officials remain optimistic that they will meet the target.
It was also noted that the International Monetary Fund (IMF) estimated tax collection quarterly, rather than monthly.
From January to March, the tax collection target is Rs3,150 billion, and officials expect an uptick in collections during March as economic activity strengthens.
FBR data reveals that December 2024 marked a record-breaking tax collection, with Rs1,330 billion gathered in that month alone.
However, the FBR experienced a shortfall of Rs384 billion in tax revenue for the period from July to December 2024-25.
Over the first six months of the fiscal year, the FBR collected Rs5,624 billion, falling short of its target of Rs6,008 billion.
Additionally, FBR rejected a proposal by the Association of Builders and Developers (ABAD) to ease property purchase regulations.
ABAD proposed exempting properties up to Rs25 million and first homes up to Rs50 million from scrutiny.
However, the FBR insisted that properties over Rs10 million must still show an income source in a wealth statement.
FBR officials also clarified that there would be no changes to property evaluation for tax purposes, which includes assets such as gold, stocks, or inherited properties.
Furthermore, all property transactions will be recorded under the National Tax Number (NTN).
A proposal to amend tax laws to allow spouses and dependents to qualify for cash and cash equivalents was discussed, with further tax amendment suggestions expected to be reviewed soon.
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