FBR’s tax collection projected at Rs4,691 billion for current fiscal year

FBR’s tax collection projected at Rs4,691 billion for current fiscal year

KARACHI: The revenue collection of the Federal Board of Revenue (FBR) has been projected at Rs4,691 billion for the current fiscal year against the actual target of Rs4,963 billion.

The International Monetary Fund (IMF) in its country report on Pakistan released on Thursday projected that the collection of the FBR may fall short of Rs272 billion against the actual target of the fiscal year 2020/2021.

The government has set revenue collection target of Rs4,963 billion for the current fiscal year. However, the IMF projections for the FBR’s collection are at Rs4,691 billion, which may be revised collection target for the FBR for the fiscal year 2020/2021.

With the latest projection the tax to GDP ratio for the current fiscal year has been projected at 10.2 percent, which is higher than preceding fiscal year of 9.6 percent.

However, the IMF projected better growth in revenue collection in coming years. It projected Rs5,963 billion for fiscal year 2021/2022 and Rs6,941 billion for the fiscal year 2022/2023.

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