The Federal Board of Revenue (FBR) has set a new record for tax collection, reporting an all-time high of Rs1,330 billion in December 2024. This achievement exceeded expectations and marked the highest monthly tax collection in FBR’s history.
By January 30, over Rs800 billion in taxes had already been collected, according to FBR officials. However, the target for January 2025 stands at Rs956 billion, with an anticipated shortfall of Rs40-50 billion. Despite this, officials remain optimistic about approaching the target.
The International Monetary Fund (IMF) evaluates tax collection on a quarterly basis, rather than monthly. For the January–March quarter, the FBR aims to collect Rs3,150 billion, expecting an improvement in March as economic activity gains momentum.
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Although December’s tax collection was a record high, there was a shortfall of Rs384 billion in the first six months of the fiscal year (July-December 2024-25). FBR collected Rs5,624 billion during this period, missing the target of Rs6,008 billion.
In other developments, FBR rejected a proposal from the Association of Builders and Developers (ABAD) to ease property purchase regulations. ABAD had suggested that properties worth up to Rs25 million and first homes valued at up to Rs50 million should be exempt from scrutiny. However, FBR maintained that any property above Rs10 million would still require a wealth statement to disclose the source of income.
Additionally, FBR clarified that property valuation laws do not allow for inclusion of assets like gold, stocks, or inherited properties in tax calculations. The authority also confirmed that all property transactions must be recorded under a National Tax Number (NTN).
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A proposal to expand tax regulations to include spouses and dependents in cash and cash-equivalent eligibility is under discussion. Further revisions to tax laws will be submitted for review in the coming months.
