ISLAMABAD: The Federal Board of Revenue (FBR) is likely to face a revenue shortfall of Rs509 billion for the first half of the fiscal year 2024-25, with provisional estimates indicating a collection of Rs5,500 billion against the assigned target of Rs6,009 billion for July to December.
For December 2024, the FBR has projected a collection of Rs1,225 billion, falling short of the assigned target of Rs1,373 billion by Rs148 billion. Provisional tax collection figures will be finalized by late December 31, 2024.
During the first five months of FY25, the FBR collected Rs4,295 billion against the target of Rs4,639 billion, reflecting a shortfall of Rs344 billion.
This marks the fourth consecutive month where the FBR has failed to meet its monthly tax collection targets.
Breaking down the monthly collections, the FBR recorded Rs996 billion in July 2024 against a target of Rs985 billion, Rs782 billion in August against Rs898 billion, Rs1,106 billion in September against Rs1,098 billion, Rs878 billion in October against Rs980 billion, and Rs855 billion in November against a target of Rs1,003 billion.
The cumulative revenue shortfall is expected to rise to Rs500 billion by the close of the first half of FY25, signalling significant challenges for the FBR in achieving its annual revenue collection target.
