Islamabad, Aug 31: The August revenue collection target set by the Federal Board of Revenue (FBR) was exceeded by more than Rs. 100 billion.
Provisional estimates show that, as of August 2024, FBR has collected Rs. 785 billion, short of the objective of Rs. 898 billion, or Rs. 113 billion.
Up till August 30, 2024, the FBR collected Rs. 340 billion in income tax, Rs. 335 billion in sales tax, Rs. 58 billion in federal excise, and Rs. 93 billion in customs duty. Even while the final bank clearance would increase FBR’s provision statistics for August by a few billion rupees, there will still be a significant shortage.
The FBR collected more than Rs. 659 billion in July 2024, compared to the target of Rs. 656 billion. Nevertheless, the marginal amount of extra tax collected in August was insignificant compared to the massive shortfall in August 2024. As a result, the FBR is currently facing a massive shortfall compared to the tax collection target for the first two months of the current fiscal year.
