ISLAMABAD: (Finance Desk) – Pakistan has assured the International Monetary Fund (IMF) that the Federal Board of Revenue (FBR) will achieve its tax collection target of Rs3.053 trillion for the first quarter of the current fiscal year, despite falling Rs28 billion short of its August target, according to 24NewsHD.
FBR officials briefed the IMF delegation on the revenue position for the July-September quarter and explained the reasons behind the shortfall recorded in August.
The FBR told the IMF that it expects to collect the September target of Rs1.330 trillion and meet the overall first-quarter target of Rs3.053 trillion.
The tax authority had achieved its revenue target in July but recorded a shortfall of Rs28 billion against the August target.
The IMF delegation also sought an update on the number of income tax returns filed for Tax Year 2026.
According to the FBR briefing, around 4.7 million income tax returns have been filed so far, compared with 3.2 million during the same period last year. The number of returns has therefore increased by approximately 1.52 million year-on-year.
The deadline for filing income tax returns is September 30, 2026. The FBR is expected to review the filing position before deciding whether an extension is required.
Sources said the tax authority could extend the deadline in response to the filing position and requests from taxpayers and other stakeholders. However, any extension would require a formal notification from the FBR.
The Pakistani delegation also briefed the IMF on measures related to asset declarations by civil servants.
Officials informed the delegation that legislation concerning the declaration of assets by public servants has been enacted. A new Section 15-A has been incorporated into the Civil Servants Act to provide a framework for regulating and monitoring the financial conduct of civil servants.
Under the new mechanism, federal civil servants in grades 17 to 22 will be required to submit their asset declarations electronically by October 30, 2026.
Officials further informed the IMF that asset declarations of civil servants in grades 17 to 22 will be made public, while restricted information is scheduled to be disclosed by December 31, 2026, in accordance with the timeline agreed with the IMF.
Comments are closed, but trackbacks and pingbacks are open.