Mohsin Siddiqui (Chief Reporter) 

The designation of several officers as OSD, the Federal Board of Revenue (FBR) confronts a formidable task to achieve the targeted tax collection for April 2024. As of now, tax collection has reached Rs550 billion, falling short of the Rs707 billion target, indicating a substantial revenue shortfall of Rs157 billion for the ongoing month.

Attention has now shifted towards the unexpected reshuffle within the top ranks of the Inland Revenue Service (IRS) and Customs group, with officers’ associations holding discussions with the FBR chairman to express their concerns.

With April 30, 2024, marking the deadline, anticipation looms over the FBR’s efforts to mitigate the shortfall and meet the targeted collection. Following IMF approval, the focus has been readjusted for the last quarter (April-June), requiring the FBR to generate over Rs1.242 trillion in tax revenue by June 2024.

The monthly targets for April and May 2024 stand at Rs0.707 trillion and Rs0.745 trillion, respectively, for the current fiscal year. Despite achieving Rs6.71 trillion in the first nine months (July-March), meeting the agreed target of Rs6.7 trillion with the IMF, the FBR aims to secure Rs2.705 trillion in the final quarter (April-June) to reach the assigned target of Rs9.415 trillion by June 30, 2024.

With imports experiencing a slowdown, meeting the desired target presents a challenge for the FBR. However, elevated inflationary pressures have aided revenue generation, showcasing a 30% growth in the first nine months of the current fiscal year.