| Islamabad: The Federal Board of Revenue (FBR) has reached its seven-month target of PKR 5.12 trillion in income tax collection, despite missing the monthly target, as reported by a news source on February 1.
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The news source reported with details that the FBR has missed the monthly target by PKR 9 billion or 1.3% for the first time in the fiscal year. This shortfall, though attributed by tax authorities to the interim finance minister’s focus on restructuring the FBR, has not significantly impacted the overall revenue. The department has reached PKR 5.15 trillion so far, marking a substantial increase of PKR 1.15 trillion or 31% over the same period in the previous fiscal year.
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Under the arrangement with the International Monetary Fund (IMF), any shortfall exceeding 1% might necessitate a mini-budget. The FBR is required to inform the IMF monthly about revenue collection progress and implement backup measures in case of a shortfall. Despite tensions between the tax machinery and the government over the restructuring drive, the federal cabinet approved the restructuring, although the Election Commission of Pakistan halted the process immediately.
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