ISLAMABAD, Jan 18 (NI): The federal government has witnessed a 56 percent increase in revenue from excise duties, collecting a total of Rs 577 billion in the fiscal year 2023-24.
According to official documents of the Federal Board of Revenue (FBR), a number of industries, including tobacco, cement, aerated beverages, airline tickets, fertilizers, and dairy goods contributed to the significant surge in revenue.
Cigarette excise taxes increased significantly by Rs 95 billion, to a total of almost Rs 237 billion. In the meantime, cement duty revenue rose by Rs 11.32 billion to Rs 77.71 billion.
The tax revenue from aerated beverages witnessed a remarkable 113 percent increase, totaling Rs 36.50 billion. Additionally, the tax collection on air tickets surpassed Rs 47 billion, with an increase of Rs 7.22 billion.
The fertilizer sector also contributed significantly, with over Rs 29 billion in excise duties collected. Meanwhile, the increased consumption of dairy products led to an additional Rs 5 billion in excise duty revenue.
Earlier, it was reported that the FBR has achieved 97 percent of its tax collection target for December 2024, collecting Rs 1328 billion against the set amount of Rs 1370 billion
The Rs 1,328 billion collection in December represented a significant increase of 35 percent as compared to November’s tax collection. Furthermore, there was a notable 56 percent increase in tax collection in comparison with December of the previous financial year.
In the first six months of the current financial year, the FBR collected Rs. 5624 billion in taxes, falling short by Rs 385 billion of its target of Rs. 6009 billion. NNI
