ISLAMABAD: The FBR attributed the shortfall in tax collections by Rs 102 billion to the shortfall in imports, raising the prospect of a mini-budget.
According to sources, the revenue target for the month of August was 898 billion, FBR could barely collect 796 billion. According to the sources, if the advance tax payments are removed from the August collections, the actual collection of this month is only 765 billion rupees.
In a statement released yesterday, FBR explained the reasons for the large-scale reduction in tax collections, saying that tax collections increased by 35 percent overall, but due to the decrease in imports, the collections could not increase further. According to the statement, in August 2024, August There was a decrease of 2.2% compared to 2023, the value of rupee in August 2024 also fell by 7% compared to August 2023.
According to sources, contrary to FBR’s explanation, the institution could not perform to achieve the target because new taxes of Rs.18 trillion were imposed in the budget. A mini-budget is not out of the question in this scenario, which may affect imports, revenues and fertilizer prices. In the first two months of this financial year, FBR has collected a total of 1588 billion rupees.
