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The Federal Board of Revenue (FBR) is expected to face a revenue shortfall of Rs. 90 billion in October 2024
According to FBR sources, the objective for this month is Rs. 980 billion, but the regulator is now unable to see it. As of the first quarter of fiscal year 25 (Q1), FBR has a shortfall of Rs. 92 billion. It is predicted that the shortfall will reach Rs. 180 billion from July to October.
According to reliable sources, the regulator has devised a law to strengthen tax enforcement and boost revenue collection.
The International Monetary Fund (IMF) has asked the FBR for a report on the recent revenue shortfall. To meet IMF requirements, the sales tax exemption for buying and selling tractors has been adjusted to 14 percent. Furthermore, an additional 4 percent sales tax exemption is anticipated to be withdrawn under the ordinance to increase FBR’s tax revenue.
