ISLAMABAD: Federal Board of Revenue unlikely to meet the Rs2.81 trillion target as the growth of tax collection during the current fiscal year remained 15pc, which is below the required growth of 24pc.
Sources said that the government has to take extra revenue generation measures after huge shortfall of first quarter and owing to effects of floods on economic activities in the country and on collecting tax. FBR collected Rs549 billion in July-September of current Fiscal Year as against the Rs481 billion of the corresponding period of previous year and had to face massive shortfall of Rs20 billion as it collected Rs549 billion in first quarter against the target of Rs569 billion.
Sources said that FBR has to impose more taxes or review its target, adding that imposing taxes was difficult due to current political scenario but tax collection target could be revised. However, if the government revise its revenue collection target, it has to change its whole budget to avoid fiscal deficit.
