The International Monetary Fund (IMF) may propose fresh contingency revenue measures if the Federal Board of Revenue (FBR) continues to fall short of its tax collection targets in the second quarter of fiscal year 2025-26.
During the ongoing policy-level discussions between the Pakistani authorities and the visiting IMF review mission, the issue of FBR’s revenue shortfall came under detailed consideration.
According to data shared with the IMF, the FBR collected Rs. 2,885 billion during the first quarter (July–September) of 2025-26, falling short of its assigned target of Rs. 3,083 billion by Rs. 198 billion. For the month of September 2025 alone, the FBR managed to collect Rs. 1,230 billion against a target of Rs. 1,368 billion, registering a shortfall of Rs. 138 billion.
Sources indicate that the FBR could face an overall revenue gap exceeding Rs. 400 billion by the end of 2025-26, potentially forcing a downward revision of the annual tax collection target. The government had originally set a target of Rs. 14.13 trillion for the fiscal year, but the first quarter’s shortfall of Rs. 198 billion has already raised concerns.
While discussions are reportedly underway regarding a possible downward revision of the FBR’s annual target, no final decision has yet been reached.
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Finance Minister Muhammad Aurangzeb, however, has dismissed the prospect of a mini-budget, emphasizing that no new tax or revenue measures are currently being considered.
“So far, no work has begun on new taxation proposals within the FBR,” a senior official from the revenue body confirmed.
