FBR’s Tax Collection for May Falls Short of Target By Rs. 62 Billion

The Federal Board of Revenue (FBR) suffered a massive shortfall of Rs. 62 billion in May 2023. Unofficial data from the FBR disclosed that the tax collection for the month of May 2023 amounted to Rs. 559 billion as compared to the assigned target of Rs. 621 billion, showing a massive shortfall of Rs. 62 billion. Till now, the FBR has collected Rs. 6,200 billion during the first eleven months (July-May) period of the current fiscal year and the FBR would have to collect around Rs. 1,440 billion in June 2023 to meet the annual target of Rs. 7,640 billion by end of the current fiscal year. The FBR is facing the gigantic task to collect nearly Rs. 1,440 billion in June 2023 to meet the annual target of Rs. 7,640 billion for 2022-23.