ISLAMABAD: The Federal Board of Revenue (FBR) has suffered a massive shortfall of over Rs 100 billion during the month of April 2023.

According to the provisional data compiled by the FBR on Friday, the FBR has provisionally collected nearly Rs 486 billion against the assigned target of Rs 586 billion during April 2023, reflecting a shortfall of over Rs 100 billion. Tax machinery would compile final figures in the next two days till April 30. The revenue collection would improve on compilation of final figures by the end of April 30.

The FBR has to collect Rs2.58 trillion federal taxes during the last quarter (April-June) to meet the desired annual tax collection target of Rs7.64 trillion.

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The Federal Board of Revenue (FBR) has issued instructions to all Large Taxpayer Units, Corporate Regional Tax Offices and Regional Tax Offices of Federal Board to open their offices on April 30 to facilitate taxpayers.

The offices have been instructed to also extend their working hours till 08:00 pm on Tuesday to facilitate the taxpayers in payment of duties/taxes and filing of income tax returns/statements, an FBR press statement said.

The FBR has further instructed the Chief Commissioners-IR to establish liaison with State Bank of Pakistan (SBP) and authorized branches of National Bank of Pakistan to ensure transfer of tax collection by these branches on April 30, to the respective branches of SBP on the same date so as to account for the same towards the collection for the month of April as per central banks directions.

Copyright Business Recorder, 2023