In order to address an expected tax collection shortfall of more than Rs 230 billion for the second quarter of the fiscal year 2024–25, which runs from October to December, the Federal Board of Revenue (FBR) has outlined a number of short- and long-term initiatives.
The FBR’s October collection of Rs 877 billion was Rs 103 billion below than the Rs 980 billion projection. In the first four months of the fiscal year, the tax authorities collected a total of Rs 3,440 billion, falling short of the objective of Rs 3,636 billion. This represents a cumulative shortfall of Rs 196 billion.
The FBR has updated its economic assumptions about GDP growth, imports, inflation, and large-scale industrial growth that were first used to determine tax collection in order to rectify these disparities.
