FBR Scrambles to Meet Rs. 12.33 Trillion Tax Target

With just weeks remaining before the federal budget announcement, the Federal Board of Revenue (FBR) is making a last-ditch effort to achieve its revised tax revenue target of Rs. 12.33 trillion for the fiscal year 2024-25. As of April, the FBR has collected Rs. 9,309 billion, falling short by Rs. 833 billion compared to its original annual target of Rs. 12.97 trillion.

To bridge this significant gap, the FBR is intensifying its enforcement measures, including the auctioning of assets from major defaulters. Notably, Karachi’s Bahria Icon Tower, linked to Bahria Town, is set to be auctioned due to a tax default of Rs. 26 billion.

Finance Minister Muhammad Aurangzeb has emphasized the urgency of meeting the revenue goals to ensure fiscal stability. The FBR’s aggressive approach underscores the government’s commitment to enhancing tax compliance and addressing revenue shortfalls. As the fiscal year draws to a close, all eyes are on the FBR’s ability to meet its ambitious target, which is crucial for funding public services and development projects across Pakistan.