ISLAMABAD: Federal Board of Revenue (FBR) is facing a revenue shortfall of Rs163.5 billion in first four months (July-Oct) of FY20.
The provisional revenue collection in the four months stood at Rs1.283 trillion against desired target of Rs1.447 trillion.
FBR Chairman Shabbar Zaidi stated in his tweet on Thursday that FBR has collected Rs320 billion during the month of October 2019 and maintained overall increase of 16 percent over last year. The domestic taxes went up by 25 percent, he added. “This is after taking into account negative aspect of import compression of Rs50 billion,” he maintained.
However, the government has been left with no other option but to revise downward the annual tax collection target from Rs5,503 billion mainly because of imports compression as it decreased by $400 million in October 2019.