FBR Faces Revenue Shortfall of Rs. 90 Billion in October 2024

The Federal Board of Revenue (FBR) is expected to face a shortfall of Rs. 90 billion in October 2024, sources told ProPakistani. FBR sources said this month’s target is Rs. 980 billion which currently remains out of sight for the regulator. FBR already recorded a shortfall of Rs. 92 billion in the Q1 FY25. The total shortfall from July to October is estimated to reach Rs. 180 billion. Sources said the regulator has devised an ordinance to enforce tax measures and improve revenue collection. The International Monetary Fund (IMF) has requested a report from FBR on the revenue shortfall. As part of the IMF’s conditions, the sales tax exemption on the purchase and sale of tractors has been reduced to 14 percent. Additionally, the ordinance is expected to withdraw another 4 percent sales tax exemption to enhance FBR’s tax revenue.