ISLAMABAD: The Federal Board of Revenue may suffer Rs 575 billion loss in revenue collection owing to unchanged prices of petroleum products during the entire fiscal year.
The revenue authority has endured Rs 177 billion loss during the first quarter (July-Oct), and may face Rs398 billion shortfall in the upcoming eight months (Nov-June).
The FBR has to achieve the tax collection target of Rs3621 billion during the current fiscal year and so far the Board had faced revenue shortfall of around Rs60 billion during the first quarter (July-Sept) period of the ongoing financial year.
According to an FBR official, the Large Taxpayer Unit (LTU) Karachi and Islamabad had faced shortfall of Rs37 billion and Rs22 billion respectively in the first quarter so efforts were underway to improve revenue collection in substantial manner.
FBR’s spokesman Dr Iqbal has also said that the Board faced substantial loss due to decreased oil prices that also resulted into witnessing shortfall during the first quarter of the current financial year.
