Over PKR 100 billion shortfall in Pakistan's revenue collection for July-Sept

Pakistan's revenue collection for the first quarter of fiscal year 2024-25 (FY25) fell short of the target by a massive PKR 101 billion, Federal Board of Revenue (FBR) sources informed Nukta on Monday.

The FBR collected PKR 2,438bn against the target of PKR 2,539bn set for July-September, according to a senior official.

However, the tax collection authority achieved the monthly target of PKR 985bn set for September by collecting net revenue of PKR 996bn during the month.

So far, the FBR has received 3.6 million income tax returns for FY24, of which 1.3 million are nil-filers. During the same period last year, the FBR received 1.9 million returns. Meanwhile, in FY23, the FBR received a total of 6.2 million returns.

The FBR has received an amount of PKR 95.708bn as tax along with the returns during FY24.

Sources said that FBR will start implementing enforcement measures approved in transformation plan against non-filers and nil-filers to meet tax collection target of PKR 12,915bn for FY25.

- YouTubeyoutube.com

The FBR had suffered a huge shortfall of PKR 98bn in tax collection during the first two months of FY25, as net collection stood at PKR 1,456bn against assigned target of PKR 1,554bn during this period.

The FBR had also tasked field formations to collect advance tax from 10 top business entities including banks and companies.

Officials told Nukta that FBR in last week estimated PKR 170bn shortfall in first quarter. However, record tax collection along with returns curtailed the shortfall to PKR 101bn.