FBR needs Rs2.07 trillion in four months to achieve collection target

ISLAMABAD: Federal Board of Revenue (FBR) is required to collect over Rs2.07 trillion in next four months in order to meet revenue collection target of Rs4.398 trillion for current fiscal year.

The FBR has provisionally collected Rs2.328 trillion during first eight months (July – February) of 2018/2019 as compared with Rs2.259 trillion in the corresponding period of the last fiscal year, showing 3 percent increase.

However, the revenue body is around Rs237 billion behind in collection target of Rs2.565 trillion fixed for first eight months of current fiscal year.

The FBR sources said that the tax target for current fiscal year is a gigantic task considering difficult economic conditions of the country.

The monthly collection target of Rs314 billion was also missed by the revenue body. The provisional collection for the month of February was Rs268 billion, showing shortfall of Rs46 billion.

The revenue collection in the month of February 2019 has shown only 1.1 percent increase when compared with Rs263 billion in the same month of the last year.

The FBR hopes that the revenue collection for February 2019 will increase further after book adjustment.

Sources in FBR said that the tax authorities had asked the finance ministry to revise downward the revenue collection target for the current fiscal year.

However, no decision has been made so far.

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