ISLAMABAD: The Federal Board of Revenue (FBR) has fallen short of its tax collection target for November 2024, according to sources within the organization. Despite imposing heavy taxes, the FBR managed to collect Rs 852 billion during the month, missing the target of Rs 1,003 billion by Rs 151 billion.
The shortfall in tax collection for the month adds to an ongoing challenge for the FBR, which has already faced a cumulative shortfall of Rs 343 billion in overall tax collections. Over the last four months, the FBR’s tax revenue has fallen short by Rs 192 billion, prompting concerns about the country’s ability to meet its fiscal goals.
The total tax collection target for the first five months of the fiscal year was set at Rs 4,635 billion, but the FBR has only managed to collect Rs 4,292 billion so far. This shortfall may prompt the International Monetary Fund (IMF) to demand immediate fiscal adjustments, potentially including a mini-budget, to ensure Pakistan meets its revenue targets.
Read More: IMF, Pakistan Collaborate on Climate Change Mitigation Efforts
With mounting pressure from both domestic financial institutions and the IMF, the FBR will face a challenging December as it works to bridge the gap and meet its tax collection goals. The failure to meet targets raises concerns about Pakistan’s ability to manage its budget deficit and meet international financial obligations.
