FBR is currently dealing with a major revenue shortfall of more than Rs100 billion for the month of August. Despite setting a collection target of Rs898 billion, the FBR has only been able to gather Rs790 billion by August 30, falling short by Rs108 billion.
This significant gap in revenue collection could pose serious challenges for Pakistan’s financial stability, particularly affecting the approval of a crucial $7 billion loan tranche from the International Monetary Fund (IMF). The approval of this loan is vital for the country’s economic health and stability.
In response to this issue, the Prime Minister has requested detailed reports from both the Finance Minister and the FBR Chairman to understand the reasons behind the shortfall.
If the revenue gap continues to widen, the government might have to resort to introducing a mini-budget as a corrective measure. This potential mini-budget could include new taxes or adjustments in spending to make up for the revenue deficit and meet the financial obligations set by the IMF.
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