Pakistan’s tax revenue witnessed a major setback due to the recent floods, with the Federal Board of Revenue (FBR) recording a shortfall of Rs156 billion in September alone.
According to data, the FBR fell short of its first-quarter (July–September) target by Rs199 billion. Against the set target of Rs3,083 billion, collections stood at Rs2,885 billion during the quarter.
During this period, the FBR also issued refunds worth Rs157 billion.
In terms of collections, Rs1,395 billion came from income tax, Rs1,130 billion from sales tax, Rs190 billion from federal excise duty, and Rs324 billion from customs duty.
Sources said that the floods caused an estimated loss of at least Rs60 billion in tax revenue.
In a separate development, the Federal Board of Revenue night extended the date for submission of Income Tax Returns till October 15, the FBR stated.
