The Federal Board of Revenue (FBR) collected Rs. 4.06 trillion in taxes during the first four months of fiscal year 2026-27, falling Rs. 124 billion short of its July-October target despite recording a 6% increase compared with the same period last year.
According to provisional figures, tax receipts increased by Rs. 220 billion year-on-year. However, the growth remained below the 17.4% required to meet the annual collection target of Rs. 15.263 trillion set under Pakistan’s programme with the International Monetary Fund (IMF).
In October alone, the FBR collected Rs. 974 billion against its target of Rs. 1.132 trillion, resulting in a shortfall of Rs. 158 billion. Monthly collections increased by only 2.5% compared with October last year. Tax officials expect an additional Rs. 20 billion to Rs. 25 billion from income tax returns filed on October 31, along with further receipts from import taxes.
Among major tax categories, income tax collection reached Rs. 1.85 trillion, missing its target by Rs. 165 billion. Sales tax generated Rs. 1.515 trillion, exceeding the target by Rs. 67 billion and recording 11.3% annual growth. Federal excise duty collections stood at Rs. 277 billion, while customs duty receipts totalled Rs. 424 billion, falling Rs. 25 billion below the target.
The FBR has set an annual collection target of Rs. 15.263 trillion for FY27, but internal projections suggest receipts could reach only Rs. 14.3 trillion to Rs. 14.6 trillion by June 2027. The shortfall also raises concerns over Pakistan’s commitments under the IMF programme, which links approval of the sixth loan tranche to meeting the first-half tax revenue target.
