Islamabad, Pakistan – The Federal Board of Revenue (FBR) is intensifying its efforts to achieve a revenue collection target of Rs 1.16 trillion in September 2024, as part of its broader goal to avoid the introduction of a mini-budget.
Failure to meet this target could force the government to raise taxes through a supplementary finance bill, potentially jeopardizing Pakistan’s ongoing negotiations with the International Monetary Fund (IMF) for a $7 billion loan.
The FBR has been assigned an ambitious revenue target of Rs 12.97 trillion for the fiscal year 2024-25, but the initial two months of the year have seen a shortfall of Rs 98 billion.
To bridge this gap, the FBR is closely monitoring key revenue streams, including withholding tax collection, audits, and the impact of recent tax measures. The FBR chairman and senior officials are personally overseeing the collection efforts to ensure that all available avenues are explored.
The success of the FBR’s efforts will be crucial for Pakistan’s economic stability and its ability to secure the IMF loan.
