ISLAMABAD: The Federal Board of Revenue (FBR) is likely to face revenue shortfall of Rs170 billion during the first quarter (July-September) 2024-25.
Sources told Business Recorder that the FBR has projected Rs170 billion revenue shortfall during the period of July to September 2024.
On the other hand, a senior FBR official informed that the FBR has finalised the strategy to meet the assigned revenue collection target for first quarter (July-September) 2024-25. This will achieve target of Rs2,652 billion set for the first quarter of current fiscal year.
Jul-Aug: there’s Rs98bn shortfall, admits FBR
The FBR has estimated to collect nearly Rs50 billion along with the returns. The advance tax instalment is also due in September 2024 to be paid by the corporate sector and banks.
Sources said that the FBR would be able to collect revenue within the range of Rs2480 billion to Rs2490 billion till September 30, 2024.
Sources said that government high-ups have also directed the FBR to prepare rules for promulgation of an Ordinance containing enforcement measures against non-filers and nil-filers; etc, to meet tax collection target of Rs12,915 billion of 2024-25.
The federal government and provinces are also coordinating for chalking out an effective mechanism for collecting taxes from farmers starting from January 1, 2025.
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 FBR will soon issue rules regarding change of definition of non-filer while a summary has also been forward to cabinet for placing of Tax Policy Wing under Ministry of Finance.
Sources said that the FBR has so far collected Rs0.5 million from retailers against projected revenue of Rs50 billion this year.
A major reshuffling is expected in the coming days as the Tax Policy Unit will be transferred to the Ministry of Finance.
The government will also hire individuals from the private sector on management pay scales for strengthening the tax policy unit, sources added.
Copyright Business Recorder, 2024