FBR record tax collection in January signals growth

The Federal Board of Revenue (FBR) achieved a record-breaking tax collection last month.

As per FBR reports, tax revenue in January reached 872 billion rupees, marking a 29% increase compared to the same period last year when collections stood at 677 billion rupees.

This substantial rise in revenue was recorded despite a 10% reduction in interest rates and a 22% decrease in inflation compared to the previous year.

The FBR also noted that income tax revenue grew by 28%, while sales tax revenue saw a 29% increase in January.

Additionally, Federal Excise Duty collections surged by 34%, and Customs Duties rose by 30% last month.

For the first time this year, the sharp increase in Customs Duties revenue indicates a revival of economic activity and growth in the country.