ISLAMABAD – Pakistan’s Federal Board of Revenue (FBR) has fallen short of its tax collection goal for the first quarter of the current fiscal year, missing the International Monetary Fund (IMF) target by Rs199 billion.
From July to September 2025, the FBR collected Rs2,885 billion in taxes, while the target was Rs3,083 billion. Officials said that during this period, the FBR also issued tax refunds worth Rs157 billion. Without refunds, the gross collection stood at Rs3,041 billion.
September proved to be the toughest month, with a shortfall of Rs156 billion alone.
Breaking down the numbers, the FBR collected Rs1,395 billion in income tax, Rs1,130 billion in sales tax, Rs190 billion in federal excise duty, and Rs324 billion in customs duty during the quarter. In September, refunds worth Rs33 billion were issued.
The shortfall has raised concerns since the IMF had set ambitious targets for Pakistan’s revenue collection.
One major reason for the weaker performance, according to officials, was the recent floods, which disrupted economic activity and cost the FBR between Rs55 and Rs60 billion in lost revenue.
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