The Federal Board of Revenue (FBR) recorded a substantial tax shortfall of Rs386 billion during the first half of the current fiscal year (July-December).
Total revenue collection amounted to Rs5,623 billion, falling short of the target of Rs6,009 billion.
The International Monetary Fund (IMF) had set an indicative target of Rs6,009 billion for the period ending December 2024. However, the FBR’s net collection reached only Rs5,623 billion over the first six-month period the current fiscal year (CFY).
Projections had already indicated a potential shortfall exceeding Rs400 billion, and it remains unclear how much of the revenue was collected through advance taxes.
The FBR paid out refunds of Rs272 billion in the first six months of CFY. After striking a deal with banks, the FBR collected Rs72 billion during the current fiscal year after the promulgation of an ordinance for fixing the rate of 44% on their profits.
Top official sources said that the FBR fetched Rs275 billion on December 31, 2024, making increased collection possible. It collected Rs1,326 billion against the set target of Rs1,373 billion, witnessing a shortfall of Rs47 billion in December 2024.
“The FBR has demonstrated its ability to collect more revenues and reduce its projected shortfall of Rs80-90 billion to just Rs47 billion in December,” said the sources.
The FBR has collected Rs2,826.5 billion as Income Tax, Sales Tax of Rs2,105.4 billion, Federal Excise Duty of Rs346.6 billion and Customs Duty of Rs617.2 billion in the first six months of the current fiscal.
