KARACHI: The Federal Board of Revenue (FBR) has reportedly missed tax collection target with a shortfall of Rs 44 billion.
The shortfall is more than Rs 16 billion in October alone. According to regional tax office, the FBR has received Rs 721 billion tax until October 31, 2014 which is Rs 84 billion more than the previous year, but Rs 44.3 billion less than the target set for the first quarter of the current fiscal year. The FBR received less than Rs 4 billion in the month of September. The board set Rs 234 billion target for tax collection, but it could receive Rs 230 billion.
According to the FBR, estimated target of Rs 2.08 trillion is expected to be reviewed. However, it is hoped that tax collection will increase in November as the board has started action against tax defaulters.
