FBR will have a tax deficit of Rs429 billion between July and February.

Between July and February, the Federal Board of Revenue (FBR) reported a tax deficit of Rs429 billion, which included a revenue shortfall of Rs85 billion in February alone.

Official records show that the total gap for the July–February period was Rs457 billion. Against a target of Rs1,029 billion, the FBR collected Rs944 billion in taxes in February. During the month, refunds of about Rs47 billion were given out.

Between July and February, a total of Rs386 billion in reimbursements were given out. Net sales tax collected in February was Rs336 billion, and net income tax collected was Rs443 billion. Rs67 billion was collected under the federal excise duty (FED) category, whereas Rs99 billion was received under net customs duty.

Against a target of Rs8,550 billion, the FBR collected a total of Rs8,121 billion in taxes between July and February. During this time, Rs386 billion in refunds were made.

There was a Rs245 billion shortfall in sales tax collection, which was Rs2,783 billion compared to the objective of Rs3,028 billion.

There was a Rs142 billion shortfall in income tax collection, which came to Rs3,956 billion instead of the objective of Rs4,098 billion.

There was a Rs48 billion discrepancy between the Rs850 billion in customs tax collection and the Rs898 billion target. However, with Rs532 billion received against a target of Rs526 billion, federal excise duty collection surpassed its goal.

According to officials, the gain in tax collection from July to February was more than 11%. In an attempt to outperform inflation and economic growth in revenue mobilization, the FBR collected Rs787 billion more than it did during the same period last year.