FBR collects only Rs 92b taxes in July, a shortfall of 25% compared to last year’s collection

The Federal Board of Revenue (FBR) registered a decline of 25% in tax collection during the first month of the financial year 2014-15.

FBR sources said that the Board faced a shortfall of Rs 32 billion in July as it could collect only Rs 92 billion in 2014 as compared to revenue collection of Rs 124 billion in the corresponding period of last year.

They attributed the shortfall in collection due to long Eid holidays but experts believe that it would be a huge task for the FBR to generate Rs 2810 billion during the financial year if the present trend continued during the year.