FBR faces Rs34bn shortfall in achieving 11-month target

ISLAMABAD: The FBR faces a shortfall of Rs34 billion in achieving its eleven months (July-May) tax collection target as it has collected Rs8125 billion so far against the assigned target of Rs8159 billion.

However, the FBR says that it has exceeded the revenue target by collecting Rs 760 billion in May against the set target of Rs745 billion. Hence, the target exceeded with a margin of Rs15 billion.

However, there was a shortfall in achieving the tax collection target in April 2024 with a margin of almost Rs50 billion despite surpassing the monthly target of May 2024 as the collection for an overall 11-month period fell short of Rs34 billion.

The FBR is facing a gigantic task for achieving Rs 1256 billion agreed with the IMF. After facing a shortfall in first 11 months the FBR will have to collect Rs1,290 billion in June 2024 for achieving the desired annual tax collection target of Rs9415 billion.

According to an official announcement made by the FBR on Friday night, it said has exceeded the revenue target by collecting Rs760 billion for the month of May 2024 against the assigned target of Rs745 billion. The overall revenue growth remained 31% during the first eleven months of the year as compared to the same period last year. During the month of May, FBR has registered remarkable growth of 33% as compared to May 2023. The growth in domestic taxes has been 43.0% during the month which is very impressive. It has been the policy of the government to mobilize more resources from the domestic taxes. Team FBR has put in a lot of effort to achieve assigned revenue targets. The FBR chairman appreciated the determination and hard work by officers and officials. Meanwhile, the prime minister has hailed the achievement of the FBR.