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
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