The Federal Board of Revenue (FBR) is facing a projected revenue shortfall of Rs170 billion during the first quarter (July-September) of the 2024-25 fiscal year. To address this shortfall, the FBR has developed strategies to increase revenue collection.
The FBR has estimated that it will be able to collect revenue within the range of Rs2480 billion to Rs2490 billion by September 30, 2024. Business Recorder
To achieve this target, the FBR is implementing several measures, including:
- Collecting advance tax from the corporate sector and banks in September 2024.
- Enhancing enforcement measures against non-filers and nil-filers.
- Restructuring the tax policy unit by transferring it to the Ministry of Finance and hiring private sector individuals.
- Coordinating with provinces to develop a mechanism for collecting taxes from farmers starting in January 2025.
The FBR is committed to achieving its revenue target and is taking proactive steps to overcome the challenges it faces.
