The Federal Board of Revenue (FBR) has attributed a shortfall of 102 billion rupees in tax revenues to a decrease in imports, raising the likelihood of a mini-budget.
Sources indicate that the revenue target for August was set at 898 billion rupees, but the FBR managed to collect only 796 billion rupees.
After excluding advance tax payments, the actual collection for August stands at 765 billion rupees.
In a statement issued yesterday, the FBR explained that despite a 35% overall increase in tax revenues, the shortfall in imports prevented further growth.
According to the statement, August 2024 saw a 2.2% decrease compared to August 2023, with the value of the rupee dropping by up to 7% compared to the previous year.
Sources also pointed out that contrary to the FBR’s clarification, the institution failed to meet its target despite the imposition of new taxes amounting to 1.8 trillion rupees in the budget.
In this context, a mini-budget is not out of the question, which could affect imports, revenues, and fertilizer prices.
In the first two months of the current fiscal year, the FBR has collected a total of 1,588 billion rupees in taxes.