The Federal Board of Revenue (FBR) is likely to face a revenue shortfall of around Rs700 billion during the first ten months (July–April) of the current fiscal year, according to official sources.
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Against an April target of Rs1,029 billion, collections stood at around Rs810 billion until recently, with total receipts expected to cross Rs900 billion after final adjustments.
For the July–April period, the FBR had set a tax target of Rs10,910 billion. However, collections reached approximately Rs10,100 billion, and are projected to touch Rs10,200 billion after the latest inflows — still falling short of the target.
Tax refunds during the period rose to Rs500 billion, compared to Rs440 billion in the same period last year, reflecting an increase of Rs60 billion in payouts.
In a separate development, the Federal Shariat Court upheld the constitutionality of the super tax imposed under the Income Tax Ordinance 2001, supporting the FBR’s position. The court clarified that income already exempt under law would not be subject to this tax.
The FBR reported that Rs290 billion had been collected under the super tax during the first nine months of the fiscal year, with projections indicating the figure could rise to Rs315 billion by June 2026.
Despite relying on measures such as super tax and advance tax collections, officials noted that the revenue shortfall has persisted for nine consecutive months. The overall annual target, initially set at Rs14,131 billion and later revised to Rs13,979 billion, remains challenging to achieve.
