ISLAMABAD: FBR has revealed a revenue shortfall of Rs 486 billion despite a 19 percent growth in tax collections during the current financial year.
The FBR failed to achieve the tax collection target of Rs 7,640 billion set for the current financial year, although the revenue shortfall will decrease somewhat when the final data of tax collections is received after the Eid holidays. But achieving the target will still be difficult.
Sources say that the FBR made a total of 7,154 billion rupees in interim tax collections before the start of the Eid holidays, which is 19% higher than the previous fiscal year but less than the target, because the FBR The tax target for the current fiscal year was 7,640 billion rupees, in this sense, the tax collections achieved during the current fiscal year are 486 billion rupees less than the set target. To achieve the tax target, a mini-budget of 200 billion rupees was brought in February.
Sources said that due to restrictions on imports and the economic situation, the tax collection decreased, this fiscal year tax collection has increased by 19 percent.
