FBR meets PKR 5.12 trillion Income Tax despite Missing Target

FBR meets PKR 5.12 trillion Income Tax despite Missing Target

Islamabad:The Federal Board of Revenue (FBR) has acquired its seventh-month mark. This cap was set to collect a whopping Rs. 5.12 trillion in income tax collection. However, it must be noted that FBR still missed the target set for this period. FBR has recently been taking a range of measures to widen the tax net and reel in more entities for maximum tax collection.
Read more: FBR Implements Direct Tax Plan for Retailers

According to the sources, the FBR had previously set a target of 1.3% or 9 billion monthly tax collection. Such a high-level target was set to alleviate the struggling economy of Pakistan amid the restructuring of FBR. Despite these ambitious targets, the revenue authority still managed to collect the Rs. 5.15 trillion mark. It is pertinent to mention that still an increase of 31% or PKR 1.15 trillion was recorded compared to the same period in the previous year.

The International Monetary Fund (IMF) has advised the monetary institution of the country to go for the mini-budget if a shortfall of 1% is exceeded. And FBR is also required to inform the IMF about monthly tax revenues, and backup measures are to be implemented in case of shortfalls. In addition to such heavy tax collection, the Federal Cabinet approved the restructuring but was stopped by the Election Commission of Pakistan (ECP) in the election days.