FBR misses March revenue target by Rs44 billion

WEB DESK: The Federal Board of Revenue (FBR) has announced that as of March 29, 2024, it has amassed a total of Rs835 billion in revenue, falling short of its monthly target by approximately Rs44 billion.

It’s important to note that the International Monetary Fund (IMF) has set a target of Rs835 billion to be collected in March 2024.

To address this deficit, banks have been granted permission to operate on Saturdays and Sundays, marking the last two available sessions for collection.

This adjustment aims to narrow the gap between the actual revenue collected and the targeted amount.

In a recent development, the central bank extended banking hours until 4:00 pm on Saturday, March 30, 2024, and Sunday, March 31, 2024.

This extension facilitates tax collection through alternate delivery channels (ADCs) and over-the-counter facilities.

Despite the shortfall for the month, the cumulative revenue collection by the FBR for the period spanning from July to March 2024 (8MFY24) remains on track.

The FBR has gathered approximately Rs6.707 trillion during this period, surpassing the target by Rs41 billion, which was set at Rs6.666 trillion.