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Breaking News: The Federal Board of Revenue (FBR) is grappling with a staggering Rs96 billion revenue shortfall in the first quarter of the fiscal year. This significant gap raises concerns about the country’s economic stability and fiscal policies (FBR, revenue shortfall, economic impact). Tune in as we explore the implications of this financial challenge and what it means for Pakistan's economy!

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ISLAMABAD: The Federal Board of Revenue (FBR) has failed in achieving the first quarter (July-Sept) period target with a margin of about Rs96 billion agreed with the IMF, however, the tax machinery successfully fetched its monthly target of September 2024.

The FBR is heading towards touching and crossing the tax collection of Rs1,100 billion for September 2024 against the assigned target of Rs1098 billion for this month. In the first quarter (July-September) period, the FBR so far fetched Rs2556 billion against the envisaged target of Rs2,652 billion and thus faced a revenue shortfall of Rs96 billion. The IMF had warned Islamabad on the eve of granting approval for $7 billion Extended Fund Facility (EFF) loan program that if there was a shortfall of slightly over 2 percent in achieving the first quarter target then the government would have to consider takingadditional revenue measures during the current fiscal year.

The government plans stern enforcement measures including freezing of bank accounts, slapping ban on purchasing property and vehicles for potential tax dodgers but it requires legislative changes so the mini budget will be on cards to execute and implement such desired changes in tax laws. Secondly, the government will have to demonstrate its political will for going hard against tax dodgers but the challenges are lying ahead to demonstrate that how politically weak government will implement such politically tough decisions. For one go by the historic records, the broadening of tax base efforts proved futile in the past even during the tenure of military rulers including during the era of Gen (R) Pervez Musharraf when the shutter down strikes had forced the former dictator to reverse its documentation exercise in early 2000.


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