ISLAMABAD: The Federal Board of Revenue (FBR) has missed the revenue collection target for the third consecutive month in October.
According to sources, the tax officials collected Rs335 billion in October as against the monthly target of Rs352 billion, registering a shortfall of Rs17 billion. The tax department had missed the September target by Rs10 billion and August by Rs15 billion.
However, the tax department’s overall collection during the first four months (July-Oct) of the current fiscal year (FY21) stood at Rs1,342 billion, which was Rs53 billion more the target of Rs1,321 billion.
The government has set the tax collection target at Rs4,963 billion for the current fiscal year.
It may be noted that the International Monetary Fund has estimated a tax shortfall of around Rs300 billion during the ongoing year.
Meanwhile, FBR on Saturday also asked people to submit their tax return till December 8, 2020.
The spokesman said that FBR “will not extend the return filing date”, adding that the department has introduced a simplified return form for the tax year 2020 to facilitate the people.
The collection for the first 4 months of FY 2921 stood at. Rs 1342 billion , however the target was Rs 1321 billions suggesting the net increase in tax revenue Rs 21 Billons , but the increase of Rs 53 billion is not understood that how the Rs 53 billons worked out? Please need your guidance in this matter if I am wrong .
Collection was high in July so compensated for losses in later months
Read as FY 2021 not 2921
Sorry for the typing error
well its the matter of overall results of the first 4 months of current fiscal years not an individual month/s.