ISLAMABAD: The federal government has missed its annual tax collection target of Rs12.97 trillion by a record Rs1.2 trillion, collecting only Rs11.735 trillion as the Fiscal Year 2024-25 comes to an end.
As per details, the tax collection target was revised downward twice as the authorities failed to increase the tax revenues to 10.6% of the size of the economy.
First, the revenue missed its target in February-March 2025, from Rs12.97 trillion to Rs12.332 trillion, and then during the 2025-26 budget, when it was further reduced to Rs11.9 trillion.
The collection, nonetheless, was Rs2.43 trillion or 26% higher than the preceding year.
The shortfall of about Rs1.2 trillion is unprecedented because the government had imposed a record Rs1.3 trillion in additional taxes in the budget. This follows the fiscal year 2019-20, when the economy suffered greatly due to Covid-19 and as a result the target was missed by a margin of Rs1.6 trillion.
Achieving next year’s tax collection target of Rs14.131 trillion for FY 2025-26, starting July 1 (today) will be challenging for the FBR, as it failed to meet the base collection of Rs11.9 trillion.
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