Rs62bn short of Rs621bn monthly target: May provisional tax collection stands at Rs559bn

ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs 559 billion in May 2023 against the monthly target of Rs 621 billion, reflecting a shortfall of Rs 62 billion in May 2023. Now the FBR has to collect over Rs 1.4 trillion in June 2023 for achieving the increased tax collection target of Rs 7.6 trillion for 2022-23.

So far, the FBR has collected Rs 6,200 billion during the first eleven months (July-May) period of the current fiscal year and the FBR would have to collect approximately Rs 1,440 billion in June 2023 to meet the annual target of Rs 7,640 billion by end-June, 2023. Total FBR target for the current fiscal was first raised from the budgeted Rs7,004 billion to Rs7,470 billion to the present Rs7,640 billion.

FBR suffers shortfall of over Rs100bn in April

The FBR is facing the impossible task to collect nearly Rs 1,440 billion in June 2023 to meet the annual target of Rs 7,640 billion for 2022-23.

The FBR did not release any official figures on Wednesday night, but the sources disclosed that the FBR has suffered massive shortfall over Rs 400 billion during 2022-23.

Copyright Business Recorder, 2023