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ISLAMABAD: The Federal Board of Revenue (FBR) has consecutively missed monthly tax collection targets during last three months, as provisional collection in March 2024 stood at Rs 835 billion against target of Rs879 billion, reflecting a shortfall of Rs 44 billion.

The revenue collection would further improve after compilation of data during last two days; i.e., March 30-31, 2024. The banks would remain open till midnight on Sunday (March 31) to collect duties and taxes on last day of this month.

Till now, the monthly shortfall of tax collection stood at Rs 44 billion during first 29 days of March.

FBR collects Rs5.15trn from July to mid-Feb: MoF

The FBR had collected Rs681 billion during February 2024 against the assigned target of Rs714 billion during this month, reflecting a massive shortfall of Rs 33 billion.

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

According to the provisional information, FBR has collected net revenue of Rs.6,666 billion during Jul-March period against target of Rs 6,707 billion, reflecting a shortfall of Rs 41 billion.

The net tax collection in March 2024 stood at Rs 835 billion against Rs 662 billion in March 2023, reflecting an increase of Rs 173 billion.

Copyright Business Recorder, 2024

Comments

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Khurshid A Khan Mar 30, 2024 03:01pm
Why one needs to send out such negativity when final figures on month completion are yet to be collected and announced
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Q Mar 31, 2024 08:44pm
@Khurshid A Khan, Yes Media spreads so negativity. March target has been achieved by FBR.
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The commons Mar 31, 2024 09:18pm
As of march 31, target is surpassed. Feels like BR is part of the political hit squad?
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