The Federal Board of Revenue (FBR) has slightly lowered its annual tax collection target for the fiscal year 2024-25, from Rs12.97 trillion to Rs12.913 trillion.

This revised target was agreed upon between the FBR and the International Monetary Fund (IMF) after the FBR rationalized its expenditures.

The IMF has stipulated that if the agreed quarterly revenue targets are not met, additional revenue measures will be implemented.

The FBR has set a tax collection target of Rs2.642 trillion for the July-September quarter of FY25, with monthly targets of Rs656 billion for July, Rs898 billion for August, and Rs1.098 trillion for September.

Despite the lower tax target, the overall fiscal deficit and primary surplus targets for the current fiscal year remain unchanged.

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FBR expects to collect Rs50 billion from retailers through the Tajir Dost Special Procedure, 2024 during the current fiscal year and plans a media campaign to promote the Tajir Dost Scheme’s online integration.

Regarding tax notices to approximately 5 million tax evaders identified by McKinsey consulting firm, the FBR has already sent notices to individuals who stopped filing tax returns.