ISLAMABAD: Despite taxation measures of Rs 1,800 billion in the budget (2024-25), the Federal Board of Revenue (FBR) has suffered a massive shortfall of over and above Rs 87 billion during the first quarter (July-September) 2024-25.
It Is learnt that the FBR has collected Rs 2,452 billion against the assigned target of Rs2,539 billion set for the first quarter of current fiscal year.
However, the FBR has achieved the monthly target of Rs 985 billion set for September 2024 by collecting net revenue of Rs 996 billion during the month.
Q1: Rs170bn revenue shortfall glares at FBR
The tax collection target for September 2024 has been met, but there is a huge shortfall of Rs 87 billion during the first quarter (July-September) 2024-25. The FBR has received 3.6 million income tax returns for tax year 2024 with 1.3 million nil-filers during this period. The FBR has received 3.6 million income tax returns for tax year 2024 against 1.9 million during same period of last fiscal year.
In tax year 2023, the FBR has received a total of 6.2 million returns. The FBR has received an amount of Rs 95,708 million as tax along with the returns during tax year 2024. The persons registered from July 2023 to date stood at 825,257 including 497,092 nil-filers. However, the persons registered from July 2024 to date are 340,473 including 237,237 nil-filers.
Sources said that government will promulgate an Ordinance containing enforcement measures against non-filers and nil-filers; etc, to meet tax collection target of Rs12,915 billion for 2024-25.
Recently, the prime minister had approved FBR’s transformation plan containing enforcement measures regarding abolishing non-filer category besides restructuring non-registered business entities.
The advance tax installment was also due in September 2024 being paid by the corporate sector and banks.
The FBR had suffered a huge shortfall of Rs 98 billion in tax collection during first two months of 2024-25, as net collection stood at Rs1,456 billion against assigned target of Rs1,554 billion during this period.
Copyright Business Recorder, 2024
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