FBR to miss FY24 target by Rs175bn ‘due to stay orders’

The Federal Board of Revenue (FBR) has estimated a shortfall of Rs175 billion in the current fiscal year (2023-24), as the superior courts have suspended the implementation of new measures announced by the government to tax the rich. “We have informed Prime Minister Shehbaz Sharif about the amount stuck due to decisions by superior courts,” a tax official told Dawn on Thursday. The courts stayed the collection of super tax and windfall income tax. According to the official, since 90 per cent of cases pending in courts pertain to large taxpayers, including banks and multinational corporations, tax will be collected easily from them during the last 10 days of this month. Assistance has been sought from the Attorney General for Pakistan in the matter, he added.