FBR facing Rs163.6 bn revenue shortfall in four months

ISLAMABAD: The FBR is facing revenue shortfall of Rs163.5 billion in first four months (July-Oct) period of the current fiscal year as the provisional revenue collection stood at Rs1283.5 billion against desired target of Rs1,447 billion.

FBR Chairman Shabbar Zaidi stated in his tweet on Thursday that FBR has collected Rs320 billion during the month of October 2019 and maintained overall increase of 16 percent over last year. The domestic taxes went up by 25 percent, he added. “This is after taking into account negative aspect of import compression of Rs50 billion,” he maintained.

However, the government has been left with no other option but to revise downward the annual tax collection target from Rs5,503 billion mainly because of imports compression as it decreased by $400 million in October 2019.