FBR Faces Rs 90 Billion Tax Shortfall in First Quarter, Risk of IMF-Driven Mini-Budget Looms

The Federal Board of Revenue (FBR) is grappling with a Rs 90 billion tax shortfall, falling short of its target of Rs 2,654 billion for the first quarter of the fiscal year, according to ARY News sources. The FBR managed to collect Rs 1,464 billion in July and August, missing the mark by Rs 90 billion.

The tax collection target for September is set at Rs 1,190 billion. If the FBR fails to meet this goal, sources warn that the International Monetary Fund (IMF) may push for the introduction of a mini-budget.

The shortfall has been attributed to the economic disruptions caused by continuous protests and roadblocks during July and August. Additionally, the recent change in the FBR’s leadership at the start of the new fiscal year has also impacted tax collection efforts.

Despite these challenges, the FBR is determined to meet its September targets. FBR officials highlighted the encouraging 27% growth rate in tax collection during July and August, expressing optimism about the ongoing efforts to achieve the September target.