Federal Minister for Finance and Revenue Ishaq Dar said Tuesday the Federal Board of Revenue’s (FBR) tax collection has surged to Rs. 7,000 billion for the first time in Pakistan’s history.
“Alhamdulillah! For the first time in the history of Pakistan, the Federal Board of Revenue has collected Rs. 7,000 billion in revenue till June 26. It will increase further till June 30, InshaAllah,” Dar said in a tweet earlier today.
Despite the increase in tax revenue, the tax machinery’s revenue targets still face a massive shortfall of Rs. 640 billion.
Officially, the FBR reported Rs. 6,200 billion in taxes collected during the first eleven months (July-May) period of the current fiscal year and required around Rs. 1,440 billion in June 2023 to meet the annual target of Rs. 7,640 billion by the end of the current fiscal year.
With tax revenue at Rs. 7 trillion as of June 26, the regulator is facing the gigantic task to collect nearly Rs. 640 billion in the remaining business days of June 2023 to meet the annual target.
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Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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