FBR Reports PKR 1.15 Trillion Increase in Income Tax Collection

Islamabad: The Federal Board of Revenue (FBR) reported income tax collection of PKR 5.15 Trillion in seven months showing a considerable increase of PKR 1.15 Trillion, a 31% increase in the tax collection in the previous year.

However, the FBR missed the monthly target of income tax collection by PKR 9 billion which is 1.3% but it did not impact the overall revenue from tax collection. The FBR needs to inform the IMF about monthly shortfalls to implement backup strategies. Because, under the agreement with the International Monetary Fund (IMF), any shortfall of more than 1% needs a mini-budget.

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