FBR Misses Rs 90B Target for July-August September Tax Collection Critical for IMF Deal

FBR Misses Rs 90B Target for July-August September Tax Collection Critical for IMF Deal

According to sources, the FBR collected Rs 1464 billion in July-August, missing the target of Rs 90 billion.

The tax collection target for September is Rs 1190 billion, and if the FBR fails to achieve it, the IMF may demand a mini-budget, sources warned.

The continuous protests and roadblocks in July-August affected economic activities and resulted in a tax shortfall. The change in FBR chairman at the start of the new fiscal year also impacted tax collection.

However, the FBR is committed to making all-out efforts to achieve tax targets in September. Despite the challenges, the tax collection rate of 27% in July-August is encouraging, FBR officials said.

Earlier, FBR collected Rs 659.2 billion in the first month (July) of the current financial year 2024-25 against the set target of Rs 656 billion.

The board issued refunds amounting to Rs 77.9 billion, according to an FBR news release.

During the month under review, Rs. 300.2 billion was collected under the head of Income Tax, Rs. 307.9 billion under the head of Sales Tax, Rs. 37.4 billion under the head of Federal Excise Duty, and Rs. 91.7 billion under the head of Customs Duty.

FBR collects Rs659.2 bln in 1st month of FY 2024-25

FBR exhibited a promising start for the financial year 2024-25 regarding revenue collection, by putting in an outstanding effort to achieve the monthly tax target despite all the economic challenges faced by the country.