The FBR now has the very tough job of collecting Rs. 1,003 billion in tax in November 2024. As of November 24, tax collection was only slightly over Rs. 550 billion.
As per the government’s assurance, there will be no mini-budget to bring more revenue during the second quarter of the current financial year. Still, on the part of FD, it has introduced some short-term measures for the gap that will be created with a shortfall of about Rs. 230 billion. Notices will also be issued from the field formations to targeted high-net-worth individuals. It starts with 5,000 non-filers, estimated to owe around Rs. 7 billion to the exchequer.
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For October 2024, the FBR kept Rs. 877 billion in its kitty against a target of Rs. 980 billion, showing a shortfall of Rs. 103 billion. Above all, the FBR’s collection during the first four months of FY25 was Rs. 3,440 billion against a target of Rs. 3,636 billion, thereby leaving the FBR with a shortfall of Rs. 196 billion.
But they continue to work for the greater good because they know how challenging it is now.