Islamabad (Commerce Desk) — The federal government and the Federal Board of Revenue (FBR) have failed to achieve the tax collection target set by the International Monetary Fund (IMF) for the fiscal year 2025–26.
According to official data, the FBR collected around Rs 13.003 trillion in taxes by the end of the fiscal year, while the revised IMF target was Rs 13.979 trillion, resulting in a shortfall of approximately Rs 975 billion.
Tax officials said that Rs 12.97 trillion was collected through the banking system, while final clearances were expected overnight.
Data shows that the FBR has missed its annual target by more than Rs 1 trillion for the second consecutive year. In dollar terms, the FBR collected around $46 billion against a target of $50 billion, showing a gap of nearly $4 billion.
Despite a 10.7 percent increase in tax collection compared to last year, the growth remained below the country’s nominal economic growth rate of 14 percent.
During the same period, Rs 588 billion in tax refunds were issued, which is Rs 115 billion higher than the previous year.
Breakdown shows that the FBR missed targets across all major tax categories. Income tax collection stood at Rs 6.6 trillion, falling short by Rs 323 billion. Sales tax reached Rs 4.265 trillion, missing the target by Rs 494 billion. Federal excise duty amounted to Rs 840 billion, below target by Rs 51 billion, while customs duty collection was Rs 1.33 trillion, also falling short by Rs 108 billion.