The Federal Board of Revenue (FBR) has collected the highest tax ever in his history for December 2024.

FBR officials confirmed that over RS800 billion in taxes were collected by January 30, Express News reported.

The target for January 2025 was set at RS956 billion with a potential deficit of RS40 to 50 billion. However, officials remain confident that they will approach the target.

According to officials, International Monetary Fund (IMF) evaluates tax collection quarterly, not monthly. The target of tax collection from January to March is RS3,150 billion, and they expect improved collection in March when economic activity is gathering.

Data from FBR showed that December 2024 experienced the highest tax collection ever in FBR’s history with RS1.330 billion collected in that month alone.

However, there was a deficit of RS384 billion in tax revenue from July to December 2024-25.

In the first six months of the financial year, FBR RS5,624 billion collected in taxes, although the target for this period was RS6,008 billion.

Previously, FBR rejected the Association of Builders and Developers’ (ABAD) proposal to relax with property.

ABAD had suggested that properties up to RS25 million and the first home worth up to RS50 million should be exempt from control, but FBR maintained that properties over RS10 million will still require the transfer of income sources via a wealth statement.

FBR officials also emphasized that changes in property evaluation for tax purposes, including gold, warehouses or hereditary properties, are not allowed under current laws.

FBR also clarified that property purchases would be registered under the national tax number (NTN).

A proposal to change the tax law to include spouses and relatives in justification for cash and cash equivalents was also discussed. Additional audits for taxation of amendment recommendations will be submitted for review.