ISLAMABAD: The International Monetary Fund (IMF) has slashed Federal Board of Revenue (FBR)’s tax collection target from Rs4,963 billion to Rs4,700 billion for the current fiscal year (FY21).
According to sources, the IMF team has agreed for a downward revision in FBR’s collection target by Rs263 billion which would be met through non-tax revenue. The FBR has assured the IMF team that the department can achieve the revised Rs4.7 trillion target, they added.
It is pertinent to mention that the FBR’s performance has been impressive in terms of revenue collection; the revenue board has managed to achieve its eight-month collection target of Rs2,898 billion.
The FBR’s revenue clocked in at Rs2,900 billion till February 27, 2021. On the other hand, FBR issued refunds amounting to Rs140 billion during the said period, in addition to Rs50 billion released under the prime minister’s package.
The FBR now has to collect Rs1,800 billion in the remaining four months to achieve its FY21 revenue target.