Mohsin Siddiqui (Chief Reporter)
The Federal Board of Revenue (FBR) has made a promising start to the financial year 2024-25 by collecting Rs 659.2 billion in July, surpassing the set target of Rs 656 billion. This achievement reflects the unwavering dedication of FBR officials amidst challenging economic conditions in Pakistan.
In a news release on Wednesday, the FBR provided a detailed breakdown of the revenue collected in the first month of the financial year. The board issued refunds amounting to Rs 77.9 billion. The revenue collection under various heads was as follows:
Income Tax: Rs 300.2 billion Sales Tax: Rs 307.9 billion Federal Excise Duty: Rs 37.4 billion Customs Duty: Rs 91.7 billion
This impressive performance demonstrates the FBR’s robust start to the fiscal year, overcoming significant economic challenges to meet and exceed the monthly tax target.
The FBR’s performance amidst the current financial and economic difficulties showcases the commitment of tax officials to achieving their targets. The successful collection of revenue in July is a testament to their hard work and dedication. The FBR has shown resilience in the face of adversity, making significant efforts to ensure the financial stability of the country.
In a surprising turn of events, sources have revealed that FBR Chairman Malik Amjad Zubair Tiwana has sought early retirement from service. Tiwana, who was appointed as the FBR chief during the caretaker government, has requested retirement effective from August 15th, six months ahead of his scheduled superannuation.
According to sources, Tiwana’s decision to seek early retirement stems from a lack of cooperation from senior FBR officers. Despite his efforts to lead the board effectively, Tiwana faced significant challenges in garnering support from his colleagues. This lack of internal cooperation has been cited as a primary reason for his request to retire early.
Tiwana has formally dispatched his retirement request to the Prime Minister’s Office and the Finance Minister on Monday evening. The request has stirred discussions within the FBR and the broader financial community, highlighting the internal dynamics and challenges faced by the board.
Tiwana’s early retirement request raises questions about the future leadership and direction of the FBR. The board has been under significant pressure to perform amidst economic challenges, and the leadership change could impact its operations and morale. The FBR’s ability to maintain its performance and meet revenue targets in the coming months will be closely monitored.
Despite the internal challenges, Tiwana’s tenure as FBR chairman has seen notable achievements. The successful revenue collection in July is a highlight of his leadership. His efforts to streamline tax collection processes and enhance efficiency within the board have been commendable. The FBR’s ability to exceed its revenue target in the first month of the fiscal year is a testament to the strategies implemented under his leadership.
As the FBR navigates through this period of transition, it is crucial for the board to maintain its focus on achieving its revenue targets and supporting Pakistan’s economic stability. The appointment of a new chairman will be a critical decision, impacting the board’s operations and effectiveness. Ensuring a smooth transition and continued cooperation among FBR officials will be essential for sustaining the board’s performance.
