ISLAMABAD – The Federal Board of Revenue (FBR) registers one of thehighest 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’stax collection target was Rs5,238 billion but could collect only Rs2,740billion in the same period.
From March till June, the FBR is required to collect another Rs2,500billion. Hence, till June, the FBR is expected to collect only Rs4,800billion.
However, an increase of 17 percent, amounting to Rs345 billion, wasrecorded under revenue collection for seven months (July-Jan).
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Besides, the income tax collection of Rs897.5 billion against the settarget of Rs920 billion in the first seven months was recorded.
The income tax gross collection has increased by 18.1 percent as comparedto the last year’s Rs759.1 billion.
In the first eight months, sales tax collection on goods reached Rs996.6billion as compared to the projection of Rs1,039 billion, thus recorded anincrease of 24.7 percent as compared to the previous year’s Rs799.1 billion.
