Karachi: The Federal Board of Revenue (FBR) is likely to have a revenue shortfall of more than Rs 50 billion in the current month (January), while the FBR has expressed the fear of a tax shortfall of Rs 440 billion in the first 7 months (July to January) of the current fiscal year 2024-25. In this regard, FBR sources say that the tax collection target for the current month (January 2025) has been set at Rs 956 billion, but compared to this, only Rs 900 billion is likely to be collected, however, for the current quarter (January to March 2025), the FBR has set a tax collection target of Rs 3100 billion. Sources say that the FBR suffered a shortfall of Rs 386 billion in the first half of the fiscal year, however, tax collection is expected to accelerate in the months of February and March. According to sources, the possible reduction in tax rate on property transactions is expected to increase revenue, while taxable imports have increased from 5 percent to 15 percent.
Tax collection is likely to pick up further in the last quarter of the fiscal year. The FBR has set a tax target of Rs 12,970 billion for the current year.
