FBR fails to hit tax collection targets

During April 2023, the Federal Board of Revenue (FBR) has experienced a significant shortfall of over Rs. 100 billion, as per the data compiled by the bureau on Friday. The provisional collection by FBR for the month was nearly Rs. 486 billion, falling short of the assigned target of Rs. 586 billion.

Final figures will be compiled by the tax machinery over the next two days, and revenue collection is expected to improve by the end of April 30.

To meet the annual tax collection target of Rs. 7.64 trillion, FBR must collect Rs. 2.58 trillion in federal taxes during the quarter of April-June. Therefore, the bureau has instructed Large Taxpayer Units, Corporate Regional Tax Offices, and Regional Tax Offices of the Federal Board to keep their offices open on April 30 and extend their working hours until 8 pm to facilitate taxpayers in paying duties and filing income tax returns/statements.

Furthermore, FBR has directed Chief Commissioners-IR to establish a liaison with the State Bank of Pakistan (SBP) and authorized branches of the National Bank of Pakistan to ensure the transfer of tax collection by these branches on April 30.