FBR reports Rs163 bn shortfall in four month’s revenue

ISLAMABAD: The Federal Board of Revenue (FBR) faced a shortfall in revenue of Rs163.5 billion (July-October) first quarter of the current fiscal year as the provisional revenue collection accumulated to Rs1,283.5 billion against a desired target of Rs1,447 billion.

FBR Chairman Shabbar Zaidi, in a post on Twitter, said FBR had collected Rs320 billion during the month of October 2019 and an increase of 16 per cent overall has been maintained over last year. The domestic taxes were increased by 25 per cent.

 “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.

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“This is after taking into account negative aspect of import contraction of around Rs 50 billion”, said Shabbar Zaidi, Chairman FBR in his tweet.

The government has been left with no other option but to revise downward the annual tax collection target from Rs 5,503 billion mainly because of imports compression as it decreased by $400million in October 2019.