| Islamabad: The Federal Board of Revenue (FBR) reported a tax collection of PKR 1,456 billion for July and August, falling short of the PKR 1,554 billion target by PKR 98 billion, as per the claims made by sources on September 2.
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According to the details, the FBR must collect PKR 1,196 billion in September to align with the International Monetary Fund (IMF) goals. The cumulative target is PKR 2,652 billion by the end of the month.
Domestic tax collections showed robust growth, with a 36% increase in income tax and a 40% rise in sales tax. However, tax revenue from imports lagged due to reduced import volumes, particularly in high-duty items. Despite a 4% rise in Customs duties, the overall growth in net tax collection registered a 21% increase year-on-year.
Read: FBR forms working group to increase tax collection, meet 2024-25 targets
The FBR is optimistic about achieving its first-quarter targets, expecting a boost in economic activity and imports in September. Ongoing reforms, including digitisation and AI-based data integration, are anticipated to enhance revenue collection. However, failure to meet the target could lead to IMF-mandated additional revenue measures. |
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