FBR faces first tax shortfall of FY27

The Federal Board of Revenue collected Rs4.06 trillion from July through October, missing its four-month target by Rs124 billion, The Express Tribune reported. Receipts were Rs220 billion, or about 6%, above the same period last year, well below the 17.4% growth required against the full-year goal. October alone brought in Rs974 billion, Rs158 billion under target.

Income tax receipts reached Rs1.85 trillion, a shortfall of Rs165 billion against the period’s target. Sales tax was stronger at Rs1.515 trillion, beating its target by Rs67 billion, while customs duty of Rs424 billion fell Rs25 billion short and federal excise duty totalled Rs277 billion. Officials expected further payments with returns due on October 31, but the report said those receipts would narrow, not erase, the gap; the IMF’s sixth loan tranche is tied to meeting the first-half tax goal.