Official documents from the Federal Board of Revenue (FBR) reveal a substantial revenue shortfall of Rs412 billion for the July to November period of the 2025 fiscal year.
The shortfall was particularly acute in November. The FBR missed its original monthly target of Rs1,035 billion by Rs139 billion. Even against a revised, lower target of Rs995 billion, the collection fell short by nearly Rs96 billion. Total collection for November stood at Rs896 billion.
From July to November, the FBR collected a total of Rs4,730 billion in revenue. However, this figure falls significantly short of the original cumulative target. The collection under all major tax heads remained below expectations.
For the five months, Income Tax collection reached Rs2,233 billion against a target of Rs2,367 billion. Similarly, Sales Tax collection was recorded at Rs1,876 billion, compared to a target of Rs1,925 billion. Federal Excise Duty (FED) saw collections of Rs326 billion against a Rs332 billion target. Notably, Customs Duty was the only head to exceed its target, collecting Rs548 billion against a goal of Rs519 billion.
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Authorities had previously revised the targets downwards in anticipation of collection challenges. The revised five-month targets were set at Rs2,317 billion for Income Tax, Rs1,883 billion for Sales Tax, Rs326 billion for FED, and Rs519 billion for Customs Duty.
A closer look at November’s collection by head reveals the specific gaps. The FBR collected Rs403 billion in Income Tax against a target of Rs439 billion. Sales Tax collection for the month was Rs364 billion against a Rs369 billion target. Furthermore, FED collections amounted to Rs64 billion against a Rs67 billion target, while Customs Duty totaled Rs108 billion against a target of Rs112 billion.
It is also important to note that the FBR issued refunds worth Rs255 billion during the first five months. This includes Rs48 billion issued in November alone. These refunds represent a necessary outflow of funds that impacts the net revenue collection figure.
