7MFY20: FBR shortfall clocks in at Rs103bn

ISLAMABAD: Shortfall in the Federal Board of Revenue’s revenue during the first seven months of the current fiscal year (FY20) was recorded at Rs103 billion.

Sources said the FBR had collected Rs2,406 billion in 7MFY20, as against the revised target of Rs2,509 billion.

The International Monetary Fund (IMF) had earlier revised the FBR’s target downwards by Rs273 billion for FY20, from Rs5,598 billion to Rs5,258 billion.

During the period under review, the tax department collected Rs913 billion as income tax, Rs1,036 billion sales tax, Rs145 billion excise duty and Rs380 billion as customs duty.

The department has also paid Rs68 billion as refunds during the said period.

The FBR had attributed tax collection shortfall to the significant reduction in the country’s imports. According to the revenue board, an estimated loss of Rs56 billion was incurred due to import compression.

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