ISLAMABAD: The Federal Board of Revenue (FBR) has once again failed to meet its revenue collection target of Rs3.935 trillion, falling short by Rs90 billion for the financial year 2017-18.
The parliament last year originally approved a revenue collection target of Rs4.103 trillion, which was revised downwards to Rs3.935 trillion a few months ago.
Provision figures of revenue collection stood at Rs3.844.5 trillion at end of outgoing FY18.
Due to missing the revised revenue collection target of Rs3.935 trillion, the budget deficit could likely surpass 7 percent, although the final figure for FY18 is yet to be finalized, reported a National daily*.*
According to sources in the FBR , the revenue collection figure of Rs3.844.5 trillion includes Rs100 billion fetched through the tax amnesty scheme.
The deficit would further increase to Rs190 billion for FY18 if revenue realizations from the amnesty scheme of Rs100 billion get excluded.
Top officials of the FBR also provided a special briefing to Finance Minister Dr Shamshad Akhtar regarding the revenue performance of the tax machinery during FY18.
Dr Akhtar apprised the officials that money fetched from the tax amnesty scheme wasn’t a feather in the cap of the tax regulator.
Also, sources in the FBR shared the finance minister had sternly told the FBR’s top brass from providing the revenue collection figure details to the media.