Islamabad, Oct 1: FBR Tax Collection Shortfall of Rs. 101 Billion in FY25 Q1
The Federal Board of Revenue (FBR) has collected Rs. 2,438 billion against a target of Rs. 2,539 billion set for the first quarter of the current fiscal year.
However, the FBR successfully met the monthly target of Rs. 985 billion for September 2024, achieving a gross revenue collection of Rs. 996 billion for the month. Despite meeting the September target, there is a significant shortfall of Rs. 101 billion for the first quarter (July-September) of 2024-25.
To date, the FBR has received 3.6 million income tax returns for the tax year 2024, including 1.3 million from nil-filers. This represents an increase compared to 1.9 million returns during the same period last fiscal year. In total, the FBR received 6.2 million returns in the tax year 2023.
FBR Tax Collection Shortfall has collected Rs. 95,708 million in tax along with the returns for the tax year 2024.
As of now, there are 825,257 newly registered individuals since July 2023, including 497,092 nil-filers, while from July 2024, the number is 340,473, with 237,237 being nil-filers.
Sources indicate that the government plans to introduce an ordinance with enforcement measures targeting non-filers and nil-filers to meet the goal of Rs. 12,915 billion for 2024-25.
Recently, the prime minister approved the FBR’s transformation plan, which includes measures to eliminate the non-filer category and restructure non-registered businesses.
The FBR experienced a substantial shortfall of Rs. 98 billion during the first two months of 2024-25, with net collections reaching Rs. 1,456 billion against an assigned target of Rs. 1,554 billion.
