ISLAMABAD, july26: For the fiscal year 2024–2025, the Federal Board of Revenue (FBR) has reduced its annual tax collection target by a little amount, from Rs. 12.97 trillion to Rs. 12.913 trillion.
FBR and the IMF have reached a consensus on quarterly and monthly goals to reach the revised objective of Rs. 12.91 trillion by June 2025.
With precise monthly objectives of Rs. 656 billion for July, Rs. 898 billion for August, and Rs. 1.098 trillion for September, the FBR has set a tax collection target of Rs. 2.642 trillion for the July-September FY25.
When the FBR rationalized spending, the IMF approved the updated objective. The primary surplus and total fiscal deficit objectives for the current fiscal year have not changed, notwithstanding the lowered tax aim.
The IMF has mandated the implementation of a contingency plan for extra revenue measures in the event that the agreed-upon quarterly revenue objectives are not fulfilled.
In the current fiscal year, FBR anticipates collecting Rs. 50 billion from merchants via the Tajir Dost Special Procedure, 2024, and has planned a marketing campaign to highlight the online integration of the Tajir Dost Scheme. Tax warnings have already been delivered to those who ceased filing tax returns, out of the estimated 5 million tax evaders identified by the McKinsey consulting firm.
