FBR to face Rs50 billion revenue shortfall in January
- By Web Desk -
- Jan 28, 2025
ISLAMABAD: The Federal Board of Revenue (FBR) will face a revenue shortfall of over Rs 50 billion in the ongoing month January 2025, ARY News reported citing sources.
According to sources, the FBR will likely collect only around Rs900 billion in taxes, falling short of its target of Rs956 billion.
Sources with in FBR revealed that the revenue shortfall from July to January may exceed Rs435 billion. So far, the FBR has collected around Rs700 billion in taxes and is expected to collect an additional Rs200 billion in the next three days.
The FBR has set an ambitious target of collecting Rs3,000 billion in taxes during the third quarter of the current fiscal year. The targets for January, February, and March are Rs956 billion, Rs950 billion, and Rs1,200 billion, respectively.
Earlier, Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial said that most Pakistanis don’t fall under tax-net.
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Chairman FBR acknowledged that around 60 per cent Pakistani population fall below the income tax threshold.
However, he pointed out that there are around 6.7 lac people who do fall into the tax net, including the superrich class, who are not paying their fair share. He claimed that those who talk on TV about how to fix the tax system, are themselves tax evaders.
Calling for reforms, Rashid Mahmood Langrial said the tax system in Pakistan is pretty flawed, with tax rates incorrect and a design that only caters to about 5% of the population.