The Federal Income Board (FBR) has raised the highest tax in its history for the month of December 2024.
FBR officials confirmed that more than RS800 billion in taxes were collected before January 30, Express News reported.
The objective for January 2025 was established at RS956 billion, with a possible deficit of 40 to 50 billion. However, officials are still sure that they will approach the objective.
According to officials, the International Monetary Fund (IMF) evaluates the collection of taxes quarterly, not monthly. The objective of tax collection from January to March is 3,150 billion rupees, and expect greater collection in March as economic activity increases.
FBR data showed that December 2024 saw the highest tax compilation in FBR history, with RS1.330 billion raised only in that month.
However, there was a deficit of RS384 billion in tax revenues from July to December 2024-25.
In the first six months of the fiscal year, FBR raised RS5,624 billion in taxes, although the objective for this period was RS6,008 billion.
Previously, FBR has rejected the proposals of the Association of Builders and Developers (ABAD) to relax properties purchase regulations.
Abad had suggested that the properties of up to RS25 million and the first house worth up to RS50 million should be exempt from scrutiny, but FBR argued that the properties greater than RS10 million will still require the dissemination of sources of income through a state of a state of wealth.
FBR officials also emphasized that changes in the evaluation of the property for fiscal purposes, including gold, actions or inherited properties, are not allowed by current laws.
The FBR also clarified that property purchases would be registered under the national tax number (NTN).
A proposal was also discussed to amend tax laws to include spouses and dependents in eligibility for cash and cash equivalents. More reviews will be presented to fiscal amendment recommendations for review.
