ISLAMABAD: The Federal Bureau of Revenue is facing a revenue shortfall of Rs163.5billion in the first four months (July-October) period of the current fiscal year as the provisional revenue collection stood at Rs1,283.5 billion against desired target of Rs1,447 billion.
In a post on Twitter, FBR Chairman Shabbar Zaidi said FBR had collected Rs320billion during the month of October 2019 and maintained overall increase of 16 per cent over last year. The domestic taxes went up by 25 per cent.
“This is after taking into account negative aspect of import compression of Rs50 billion,” he said.
Alhumdullilah, FBR has collected Rs 320 billion during the month October 2019 and has maintained overall increase over last year of 16 percent and domestic tax over 25 percent. This is after taking into account negative aspect of import contraction of around Rs 50 billion.
— Syed Shabbar Zaidi (@ShabarZaidi) October 31, 2019
However, the government has been left with no other option but to revise downward the annual tax collection target from Rs5,503 billion mainly because of imports compression as it decreased by $400million in October 2019.