- FBR collects 6,496 billion rupees against the target of 6,964 billion rupees from July to January.
- The income deficit was located at Rs384bn in July-December period.
- The organization’s indicative objective for Mars has been envisaged at 9,168 billion rupees.
Islamabad: In the midst of continuous efforts to increase the generation of income, the Federal Board of Return (FBR) is considering a massive income deficit of 468 billion rupees in the first seven months (July-July) for the current year exercise, The news reported on Saturday.
The tax authority collected recovered 6,496 billion rupees compared to the target of 6,964 billion rupees during the said period.
The income deficit continues to widen more with the passage of each month, because the figure of the provisional collection for January 2025 shows that the FBR has made a collection of RS872BN against the desired objective of RS956BN. With an RS872BN income collection, the FBR has achieved growth of 29% per month over the month.
In the first half (July-December period), the revenue deficit amounted to Rs384bn, it therefore widened with a deficit of 84 billion rupees in January 2025, and the global deficit in the first seven months met at RS468BN.
This income collection deficit becomes extremely important by keeping the next review mission of the International Monetary Fund (IMF) to keep parliays with the Pakistani authorities by the end of February 2025. Not yet seen how the MFI reacts to FBR slides.
However, the high-ups of the Ministry of Finance argued that the overall budgetary framework remained mainly aligned due to a reduction in the debt service as a result of reduced policy rate down 22% to 12% with Six consecutive discounts. It has reduced the misfortunes of economic managers, but the IMF would increase the issue of income deficit occurring on FBR fronts.
As part of the IMF program indicative, the FBR indicative for March 2025 was envisaged at 9,168 billion rupees. Now the FBR requires a huge collection of RS2 772 billion in the next two months (February and March) to materialize the agreed objective with the lender based in Washington.
Pakistan and the IMF have considered an annual objective of tax collection of RS12,970bn – RS12 913 billion rupees agreed with the IMF – for the current exercise.
Keeping in sight a collection of RS6 496 billion in the first seven months, the FBR will have to collect 6,474 billion rupees in the remaining five months – from February to June – 2025 to display the desired objective of RS12 970 billion June 30, 2025.
The FBR has not yet published official provisional recovery figures for income for January 2025. The revenue collection amounted to 800 billion rupees a few days ago, but the collection has grown and reached RS872BN until January 31, 2025.
A few billion others are expected to enter the National Kitty and the collection could receive RS875 billion for January 2025. The FBR had paid reimbursements from RS272BN in the first six months of the current financial year.
After having concluded an agreement with the banks, the FBR collected RS72BN on their profits during the current financial year after the promulgation of an order to set a rate of 44% during the current financial year on their profits .