FBR missed tax revenue target with a record margin
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ISLAMABAD - The Federal Board of Revenue (FBR) has fallen short of the ten-month revenue target for the current fiscal year by a record margin.
The revenue collection from July to April of this fiscal year stood at Rs. 2.993 trillion against the target of Rs. 3.35 trillion, missing the mark by at least Rs. 345 billion, an FBR official said.
The total collection may further increase by a few billion once the final figures for April are out, the official said.
“The overall collection for July-April was higher by just Rs. 70 billion or 2.4% as compared to the corresponding period last year,” the official said, adding that FBR collected Rs. 2.923 trillion in the first ten months last fiscal years.
However, the worrisome part is that the rate of increase in tax collection remained far below the nominal Gross Domestic Product (GDP) growth rate of 12.5% during the current fiscal year so far.
For April alone, the tax revenue shortfall stood at Rs. 52 billion as the revenue collecting authority could collect only Rs. 288 billion. Its monthly target was Rs. 340 billion.
