FBR misses revenue targets for third consecutive month

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.