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Print Print 2024-03-01

Massive Rs33bn shortfall in Feb revenue collection

  • FBR meets overall tax collection target for the first eight months of the current fiscal year
Published March 1, 2024

ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs681 billion during February 2024 against the assigned target of Rs714 billion during this month, reflecting a massive shortfall of Rs 33 billion.

However, the FBR met the overall tax collection target for the first eight months of the current fiscal year.

The government has identified eight contingency revenue measures to generate additional revenue of Rs18 billion per month during 2023-24 in case the monthly FBR revenue falls short of the projected targets during 2023-24.

Jul-Dec tax collection: FBR surpasses target

It has been reliably learnt that the tax collection target for the month of February 2024 was set at Rs714 billion. Keeping in view the monthly collection of Rs681 billion during February 2024, the monthly shortfall has increased to Rs33 billion.

In January 2024, the FBR had suffered a shortfall of Rs9 billion. This is the second consecutive month, the FBR is facing a shortfall in tax collection during the current fiscal year.

According to a tweet of the FBR issued on Thursday, the FBR has surpassed eight-month target of Rs5,829 billion and registered a growth of 30 per cent. During February 2024, the FBR collected Rs681 billion against Rs519 billion collected during February 2023 registering a growth of 32 per cent.

Copyright Business Recorder, 2024

Comments

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Nusrat bibi Mar 01, 2024 07:12am
Mary pasy ni aa rhy 5 sall sy
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Johnny Walker Mar 01, 2024 03:04pm
33 billion pocketed. IMF will not be happy.
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Bilawal Mar 01, 2024 05:04pm
Due to 7E fbr investor is not purchasing property real estate of Pakistan is ruined by FBR
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Jamsheed Ansari Mar 02, 2024 09:25am
Less investment and spending equals to less tax.
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