FBR Reports a Massive Shortfall in Tax Collection

The Federal Board of Revenue (FBR) has suffered a massive shortfall of over Rs. 100 billion during the month of April 2023. According to data compiled by FBR on Friday, the bureau provisionally collected nearly Rs. 486 billion against the assigned target of Rs. 586 billion during April 2023, reflecting a shortfall of over Rs. 100 billion. Tax machinery will compile final figures in the next two days till April 30. The revenue collection will improve after a compilation of final figures by the end of April 30. FBR has to collect Rs 2.58 trillion in federal taxes during the quarter (April-June) to meet the desired annual tax collection target of Rs. 7.64 trillion. The bureau has issued instructions to all Large Taxpayer Units, Corporate Regional Tax Offices, and Regional Tax Offices of the Federal Board to open their offices on April 30. The offices have been instructed to extend their working hours till 8 pm on Tuesday to facilitate taxpayers in paying duties and filing income tax returns/statements. FBR has further instructed the Chief Commissioners-IR to establish liaison with the State Bank of Pakistan (SBP) and authorized branches of the National Bank of Pakistan to ensure the transfer of tax collection by these branches on April 30.