ISLAMABAD: The Federal Board of Revenue again missed its tax collection target for the first seven months of the current fiscal year.
The top tax collection body missed the target by Rs 187 billion, which was set at Rs2.251 trillion for the period of July to January 2019.
The body can collect only Rs2.07 trillion for the first seven months (July-January) of FY19.
During the first seven months of FY19, the Federal Board of Revenue (FBR) provisionally collected Rs2.064 trillion in taxes, as per officials.
The revenue collection target for July-January was set at Rs2.251 trillion and it once again was short by nearly Rs187 billion.
The FBR is expecting an addition of a few more billions in January’s collection after taking book adjustments into consideration.
The FBR missed the tax collection target for the month of January by Rs32 billion. In January, the collection was recorded at Rs270 billion, which is down 1.5 percent when compared to tax collected in January 2018. In January 2018, FBR had collected Rs273.5 billion in January last year.
The revenue shortfall for July-Jan of FY19 is equivalent to 0.5% of gross domestic product (GDP).