FBR falls short of tax collection target by Rs100 billion in FY 2023-24

WEB DESK: The Federal Board of Revenue (FBR) has announced a total collection of Rs9.3 trillion for the fiscal year 2023-24, slightly below the original target of Rs9.4 trillion, resulting in a shortfall of Rs100 billion.

However, this figure surpasses the revised target of Rs9.252 trillion by Rs54 billion.

In a conversation with Business Recorder, a tax expert expressed concern over the FBR’s decision to lower its original target from Rs9.415 trillion to Rs9.252 trillion without any clear explanation.

The expert described this downward revision as “shocking,” noting the lack of transparency regarding who made the decision and the reasoning behind it.

Despite reporting a nominal growth of 27 per cent, the expert highlighted that the real growth rate for the FBR stands at only three per cent, rather than the 30 per cent previously claimed.

This marks the third consecutive year in which the FBR has failed to meet its original targets or broaden the tax base, indicating significant challenges in its performance.

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