ISLAMABAD (The Thursday Times) — The Federal Board of Revenue collected Rs4.089 trillion in the first four months of the fiscal year, falling about Rs95 billion short of its target of roughly Rs4.18 trillion, according to provisional official figures.
Collections for July to October were up about 6.6% on the Rs3.834 trillion raised in the same months last year. The gap widened in October, when the FBR collected Rs1.003 trillion against a monthly target of Rs1.131 trillion, a shortfall of about Rs128 billion, although that was still about 5.6% more than in October last year.
Income tax lags, sales tax beats
Income tax, the largest single source, brought in about Rs1.86 trillion, roughly Rs148 billion below its four-month target of Rs2.009 trillion. Customs duty also fell short, at Rs427 billion against a target of Rs449 billion.
Sales tax did better than planned, raising Rs1.524 trillion against a target of Rs1.448 trillion, about 12% more than a year earlier. Federal excise duty, at about Rs277 billion, was broadly on target.
Gross collections stood at about Rs4.355 trillion before refunds and rebates of Rs265 billion, up from Rs206 billion paid back in the same period last year.
A steeper climb ahead
The FBR’s target for the full fiscal year is Rs15.264 trillion. To reach it, the board would need to raise about Rs11.2 trillion in the remaining eight months, an average of roughly Rs1.4 trillion a month, well above the pace so far.
The figures come as the government reviews its tax mix, including plans to phase out the super tax.
Returns to be checked by computer
The FBR has also introduced automated scrutiny of income tax returns. The system will cross-check returns against other available data and send taxpayers an electronic notice of any discrepancy, giving them at least seven days to explain or correct it, followed by a reminder and a further seven days if they do not respond.
Taxpayers who want to confirm they are on the Active Taxpayer List can check their filer status by SMS or online.
