The Federal Board of Revenue (FBR) is facing the challenge of meeting its ambitious tax collection target of Rs. 1,003 billion for November 2024. As of November 24, the FBR has collected over Rs. 550 billion, falling significantly short of the monthly target.
Despite the shortfall, the government has reiterated its stance against introducing a mini-budget to boost revenue in the second quarter of the fiscal year. Instead, the FBR has rolled out short-term strategies to mitigate the anticipated deficit of over Rs. 230 billion for the October-December period of the 2024-25 fiscal year.
One key measure is issuing notices to high-net-worth individuals. In the initial phase, the FBR plans to target 5,000 non-filers, with an expected tax liability of Rs. 7 billion.
The tax authority faced a similar challenge in October 2024, collecting Rs. 877 billion against a target of Rs. 980 billion, resulting in a shortfall of Rs. 103 billion. Over the first four months of the fiscal year, the FBR has accumulated Rs. 3,440 billion, which is Rs. 196 billion less than the assigned target of Rs. 3,636 billion.
