According to sources, the authority is expected to fall at least Rs500 billion short of its annual target. A reduction in the import bill could result in a Rs150 billion shortfall in FBR tax collection. The country’s import bill is expected to fall by $12 billion in fiscal year 2022-23.
The drop in import bills is also expected to result in a Rs350 billion drop in sales and income tax for 2022-23. According to sources, the total shortfall could be around Rs500 billion.
Officials from the authority have informed the International Monetary Fund (IMF) of the likely decrease in collections. To fill the gap left by the drop in imports, the FBR is developing a strategy that may include tightening the screws around non-tax payers.
However, FBR net revenue in August was PKR 489 billion, compared to the target of Rs483 billion in the second month of fiscal year 2022-23.
According to a statement issued by the tax collection agency, the FBR collected net revenue of Rs489 billion in August 2022, exceeding the target of PKR 483 billion collected in the same period last year.
To read our blog on “New currency declaration imposed on foreign travelers by FBR,” click here
