FBR Records a PKR 1.15 Trillion Rise in Income Tax Collection

The Federal Board of Revenue (FBR) has announced a noteworthy surge in income tax collection, totaling PKR 5.15 Trillion over the span of seven months. This impressive achievement represents a substantial 31% increase in comparison to the previous year’s figures.

However, it’s worth noting that the FBR did not meet its monthly income tax collection target by PKR 9 billion, which translates to a 1.3% shortfall. While this deviation did not have a detrimental effect on the overall revenue, it highlights the need for the FBR to promptly inform the International Monetary Fund (IMF) of monthly shortfalls to aid in contingency planning.

This adherence to notification is of utmost importance due to the agreement in place with the IMF, which stipulates that any shortfalls exceeding 1% necessitate the formulation of a mini-budget.

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