ISLAMABAD: Federal Board of Revenue (FBR) is facing Rs55 billion shortfall in revenue collection target of Rs4,013 billion set for the current fiscal year.
According to estimates of relevant authorities and International Monetary Fund (IMF), the revenue collection would reach Rs3,958 billion by June 30, 2018. The estimates for collection of tax components are included, Rs1,582 billion direct taxes, Rs234 billion federal excise duty, Rs1563 billion sales tax and Rs579 billion customs duty.
With this estimate the tax to GDP ratio of FBR collection will reach to 11.2 percent in 2017-18 as against last year’s 10.5 percent. The FBR collected Rs3,361 billion during the last fiscal year.
The revenue body collected Rs2,259 billion during first eight months of the current financial year as against Rs1920 billion collected during the same period of the previous fiscal year, excluding collection on account of book adjustments.
FBR has recorded an increase of around 17.65 percent over the revenue collected during the corresponding period of last fiscal year.