Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial dismissed the possibility of a mini-budget, confirming that no proposal for additional taxes through a supplementary finance bill is under consideration.
Speaking to the media after the conclusion of the finance committee meeting at the Parliament House, Langrial said that while various options for addressing flood-related damages have been reviewed, it is too early to comment on any downward revision of the annual tax collection target for the fiscal year 2025-26.
On Wednesday, The Express Tribune reported that the federal government was considering a mini-budget with new taxes on luxury items such as cars, electronic goods, and cigarettes, aiming to generate at least Rs50 billion to support flood-affected areas. The publication cited recent discussions at a meeting chaired by Finance Minister Muhammad Aurangzeb, where the government assessed its revenue shortfall due to the devastating floods that have hit the country.
However, the FBR chairman dismissed the possibility of a mini-budget, adding that it is too early to comment on any downward revision of the annual tax collection target for the fiscal year 2025-26.
The tax authority is facing a Rs40 billion shortfall in revenue collection for the July-August period, which is expected to rise significantly by the end of September, putting pressure on fiscal targets set under Pakistan’s agreement with the International Monetary Fund (IMF).
