ISLAMABAD: The Federal Board of Revenue is doing hectic efforts to meet the tax collection targets. However, despite all sincere efforts, the FBR has collected Rs 232 billion till September 27 against the target of Rs 344 billion for the month of September 2017.
The FBR is likely to face a shortfall of Rs 60 billion which is not a healthy sign in the current situation of the economy. According to the FBR sources, the FBR will have to review the revenue targets. There are still two days left to end the current month of September and the FBR is hoping to generate up to Rs 85 billion more revenue.
This is the first quarter of the current financial year and taxpayers are submitting their tax returns but, due to unrealistic annual revenue targets, the FBR can face a shortfall in meeting the targets. According to FBR sources, Chairman FBR already has told Finance Minister Senator Muhammad Ishaq Dar that it will be hard to meet the annual revenue targets for the current financial year.
Former Chairman of FBR Dr. Muhammad Irshad also proposed Rs3750billion for the revenue targets for the current financial year (2017-18) but the finance minister ignored the proposal and set the target of Rs4030b on the pressure of the IMF which is not achievable in the present situation.
It is expected that the shortfall of revenue can be increased further in the coming months.
