Tax revenues in the first 6 months face a shortfall of Rs. 386 billion

  January 01, 2025

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ISLAMABAD: The Federal Board of Revenue (FBR) has faced a tax shortfall of Rs386 billion during the first half of the current fiscal year (July to December) as revenue collection stood at Rs5,623 billion against the desired target of Rs6,009 billion.

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While Finance Advisor Khurram Shahzad said that the FBR's tax collection for December was Rs 1,328 billion, achieving 97 percent of the monthly target. He said that tax collection cases in December were also the highest in a month.

 The IMF had set a target of Rs6009 billion by the end of December 2024 and the FBR achieved a net collection of Rs5623 billion during the first 6 months of the current fiscal year. 

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The amount of revenue collected by the FBR through advance collection is yet to be determined as estimates were made that the FBR would face a shortfall of more than Rs400 billion in the first half of the current fiscal year. 

The FBR paid refunds worth Rs272 billion in the first 6 months of the current fiscal year. Following an agreement with banks, the FBR has collected Rs72 billion on their profits after issuing an ordinance to fix a rate of 44 percent on their profits during the current fiscal year