FBR Unlikely to Meet Tax Collection Target for November 

The Federal Board of Revenue (FBR) is facing an uphill task in meeting tax collection target of Rs. 1,003 billion for November 2024.  Sources said that the tax collection stood at over Rs. 550 billion till November 24, 2024, against the assigned target of Rs. 1,003 billion during the current month.  The government has repeatedly announced that no mini-budget would be introduced to generate additional revenue in the second quarter of the current fiscal year.  The FBR has implemented short-term measures to reduce the anticipated shortfall of over Rs. 230 billion in the second quarter (October-December) 2024-25. Field formations would issue notices to the high-net worth individuals. In the first phase, the FBR will issue notices to 5,000 non-filers, with an estimated tax liability of Rs7 billion.  The tax machinery collected Rs. 877 billion during October 2024 against an assigned target of Rs. 980 billion, reflecting a shortfall of Rs. 103 billion.  The FBR has collected Rs. 3,440 billion during the first four months of FY25 against the assigned target of Rs. 3,636 billion, reflecting a shortfall of Rs 196 billion.