FBR Misses Tax Collection Target for August by Over Rs. 100 Billion

The Federal Board of Revenue (FBR) has missed the revenue collection target for August by over Rs. 100 billion. According to provisional figures, FBR has collected Rs. 785 billion against the target of Rs. 898 in August 2024, reflecting a shortfall of Rs. 113 billion. The FBR collected Rs. 340 billion in income tax, Rs. 335 billion in Sales Tax, Rs. 58 billion in Federal Excise, and Rs. 93 billion in Customs Duty til August 30, 2024. FBR’s provision figures for August may improve by a few billion rupees after the final clearance from banks but that will still result in a massive shortfall. In July 2024, FBR collected over Rs. 659 billion against the assigned target of Rs. 656 billion. However, the slight surplus tax collected last month pales in comparison to the shortfall in August. The FBR is now facing a massive shortfall against the tax collection target for the first two months of the current fiscal year.