” FBR faces shortfall in tax collection target for March 2024 ” | GNN INFO

The Federal Board of Revenue (FBR) fell short of its tax collection target for March 2024, falling Rs. 44 billion short of the IMF-set goal of Rs. 879 billion. The shortfall marks the third consecutive month FBR has missed its target. Despite the tax collection miss, the Finance Ministry released a monthly report highlighting positive economic indicators. The report emphasizes a staff-level agreement reached with the IMF, paving the way for a final loan installment of $1.1 billion. The Ministry also points to promising agricultural trends, including a decrease in urea fertilizer use and an increase in DAP usage, suggesting improved farming practices. Additionally, the report highlights a significant increase in tractor production and a projected decrease in inflation to between 21-22% by April. The report acknowledges a decrease in foreign direct investment but emphasizes a decline in the dollar rate and a government Ramadan relief package for the underprivileged. Overall, the Finance Ministry paints a picture of a gradually improving economic and financial situation. They attribute this progress to government reforms, policy measures, and restored financing from international institutions.