ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs681 billion during February 2024 against the assigned target of Rs714 billion during this month, reflecting a massive shortfall of Rs 33 billion.

However, the FBR met the overall tax collection target for the first eight months of the current fiscal year.

The government has identified eight contingency revenue measures to generate additional revenue of Rs18 billion per month during 2023-24 in case the monthly FBR revenue falls short of the projected targets during 2023-24.

Jul-Dec tax collection: FBR surpasses target

It has been reliably learnt that the tax collection target for the month of February 2024 was set at Rs714 billion. Keeping in view the monthly collection of Rs681 billion during February 2024, the monthly shortfall has increased to Rs33 billion.

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

According to a tweet of the FBR issued on Thursday, the FBR has surpassed eight-month target of Rs5,829 billion and registered a growth of 30 per cent. During February 2024, the FBR collected Rs681 billion against Rs519 billion collected during February 2023 registering a growth of 32 per cent.

Copyright Business Recorder, 2024