Islamabad: The Federal Board of Revenue (FBR) has requested the government to revise its annual tax collection target for (fiscal year) FY2018-19, a news source reported.
The federal institution issued this request following a tax collection shortfall of PKR 356 billion during the first 10 months of the current financial year. It has asked the government to fix the target at PKR 4,050 billion instead of PKR 4,398 billion.
FBR officials have reportedly shared the details on tax collection and revenue shortfall with the visiting delegation of the International Monetary Fund (IMF). At present, the tax collection growth rate remains – on average – at 3%.
Previously, the government had projected an increase of 14.4% in revenue collection when it fixed the target at PKR 4,398 billion for FY2018-19. As per reports, if it manages to convince the Finance Division of a downward revision, the revenue board will see a reduction of PKR 348 billion in its overall target.
