ISLAMABAD: The International Monetary Fund (IMF) has slashed Federal Boardof Revenue (FBR)’s tax collection target from Rs4,963 billion to Rs4,700billion for the current fiscal year (FY21).
According to sources, the IMF team has agreed for a downward revision inFBR’s collection target by Rs263 billion which would be met through non-taxrevenue. The FBR has assured the IMF team that the department can achievethe revised Rs4.7 trillion target, they added.
It is pertinent to mention that the FBR’s performance has been impressivein terms of revenue collection; the revenue board has managed to achieveits eight-month collection target of Rs2,898 billion.
The FBR’s revenue clocked in at Rs2,900 billion till February 27, 2021. Onthe other hand, FBR issued refunds amounting to Rs140 billion during thesaid period, in addition to Rs50 billion released under the primeminister’s package.
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The FBR now has to collect Rs1,800 billion in the remaining four months toachieve its FY21 revenue target.
