FBR falls behind 7 months target by Rs.214b

The Federal Board of Revenue (FBR) has failed to achieve its tax collection target of Rs 4179 billion for the first 7 months of the current financial year, falling short of Rs 214 billion, reported 24NewsHD TV channel.  

According to a statement on Tuesday, FBR collected Rs 3965 billion in taxes from July last to January 2023. Hence, the July-January tax shortfall reached 214 billion. 

However, the revenue watchdog collected revenues of Rs 537 billion in January 2023, more than Rs 4 billion from the set target.  FBR collected 18% additional tax in 7 months in the corresponding period of last year. 

The tax target of Rs 7470 billion for the current financial year will be achieved by FBR. FBR has also issued refunds worth Rs 208 billion during the last seven months.

It is pertinent that the revenue collection figures are clear indicators for the achievement of the assigned revenue targets for the current financial year. This unprecedented growth in tax revenues, especially direct taxes underscore the resolve of the Government and FBR to make Pakistan a thriving nation. 

FBR hopes that when import restrictions are eased and court cases come to a logical conclusion, the lost revenue will also be retrieved during the current fiscal year.