FBR registers one of the highest ever Tax Revenue shortfall of its history

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FBR registers one of the highest ever Tax Revenue shortfall of its history

ISLAMABAD – The Federal Board of Revenue (FBR) registers one of the highest ever Tax Revenue shortfall of its history.

FBR has missed its tax collection target for the first eight months (July-Feb) of the current financial year by a whopping Rs470 billion.

Sources familiar with the matter told the media on Monday that the FBR’s tax collection target was Rs5,238 billion but could collect only Rs2,740 billion in the same period.

From March till June, the FBR is required to collect another Rs2,500 billion. Hence, till June, the FBR is expected to collect only Rs4,800 billion.

However, an increase of 17 percent, amounting to Rs345 billion, was recorded under revenue collection for seven months (July-Jan).

Besides, the income tax collection of Rs897.5 billion against the set target of Rs920 billion in the first seven months was recorded.

The income tax gross collection has increased by 18.1 percent as compared to the last year’s Rs759.1 billion.

In the first eight months, sales tax collection on goods reached Rs996.6 billion as compared to the projection of Rs1,039 billion, thus recorded an increase of 24.7 percent as compared to the previous year’s Rs799.1 billion.