ISLAMABAD: The Federal Board of Revenue (FBR) has missed its tax collection target for November 2024, according to sources.

The board was expected to collect Rs 1,003 billion for the month but fell short by Rs 151 billion, managing to collect only Rs 852 billion. This shortfall adds to the growing concern over the FBR’s inability to meet its targets, with an overall shortfall of Rs 343 billion for the first five months of the fiscal year. Sources indicate that if the FBR continues to fall behind on its collection targets, the International Monetary Fund (IMF) may demand a mini-budget from Pakistan to address the deficit.

The FBR has collected Rs 4,292 billion so far in the 2024-25 fiscal year, against the assigned target of Rs 4,639 billion for the July-November period, showing a cumulative shortfall of Rs 344 billion. Despite the imposition of heavy taxes, the FBR has struggled to meet its revenue targets, with a shortfall of Rs 192 billion over the past four months. However, there has been some progress compared to the same period last year, as the FBR collected Rs 851 billion in November 2024, marking an increase of Rs 115 billion from November 2023, which stood at Rs 736 billion. The ongoing tax collection challenges highlight the difficulties Pakistan faces in achieving its fiscal goals, which could have broader implications for the country’s economic stability.