Islamabad: The Federal Board of Revenue (FBR) has to generate additional money in tax revenue to meet the target, as under the revised annual budget, according to a news report. This additional amount is PKR 661 billion, which fell short with the PKR 3.27 trillion that was collected under the current fiscal year.
From July to May of fiscal year 2017-2018, the FBR collected PKR 414 billion, which was 14.4% higher as compared to the previous fiscal year. The Parliament had agreed to PKR 4.013 trillion tax collection target for the outgoing fiscal year, but because of continuous shortfall, it had reduce it to PKR 3.935 trillion during last month. However, the results from the first 11 months indicate that the targets seem unrealistic. The FBR has to collect PKR 661 billion during a single month as it has already taken advances from state-owned enterprises and commercial banks to meet its quarterly targets.
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