In December 2022, the Federal Board of Revenue (FBR) is anticipated to experience a revenue shortage of about Rs. 200 billion.
In comparison to the allocated target of Rs. 965 billion, the tax collection for December has so far exceeded Rs. 600 billion, revealing a deficiency of Rs. 365 billion. The shortfall is anticipated to drop to Rs. 200 billion after tax revenue was collected in the final two days of December.
The FBR has given administrative and enforcement measures, such as anti-smuggling initiatives, accurate valuation of imported goods, track and trace systems, point of sales (POS), integration of tier-1 retailers, tax demands, Directorate General of Digital Invoicing and Analysis (DGDIA), and recovery of arrears, top priority over new taxation measures.
Among other things, the policy decisions made in the budget included raising the withholding tax rates as well as the taxes on shares and real estate.