ISLAMABAD: To adjust the shortfalls witnessed in the first seven months (July-Jan) of this fiscal year, the government has reduced the Federal Board of Revenue’s (FBR) annual collection target by Rs119 billion to Rs2.691 trillion from the original Rs2.81 trillion.
The target was revised after getting approval from the International Monetary Fund (IMF) during the sixth review in Dubai for the release of $518 million tranche, as per a source
The target during the last fiscal year was revised five times because of the dismal performance of the tax department. The revenue collected during July-Jan 2014-15 was Rs1,338.946bn compared to Rs1,197.334bn last year, an increase of Rs141.612bn (11.82 per cent). It will now have to collect Rs1,352.052bn in the next five months (Feb-June) to meet the revised target. It collected Rs1,068.978bn during the same period last year.
