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The Federal Board of Revenue (FBR) annual tax target has been reduced for the second time as important progress has been made in talks between Pakistan and the International Monetary Fund (IMF).
Sources divulged on Saturday that the FBR annual tax target was reduced again after the board failed to meet revised targets on both occasions. The original tax target has been reduced by a total of Rs1,126 trillion. The first revision reduced the target from Rs14,131 trillion to Rs13,979 trillion.
A second revision has now set the annual target at Rs13,005 trillion. Sources said that in the first 11 months, a shortfall of Rs866 billion was recorded against the earlier revised target. After the second revision, the gap has reduced to Rs25 billion. From July to May, income tax collections stood at Rs5,602 trillion, while sales tax collections reached Rs4,215 trillion.
During the same period, federal excise duty collected more than Rs744 billion, while customs duty totalled Rs1,220 trillion. Refunds of Rs550 billion were also issued in the first 11 months of the fiscal year. In May 2026, FBR collected Rs966 billion in total tax revenue. Monthly income tax collection stood at Rs459 billion, while sales tax exceeded Rs386 billion.
Federal excise duty in May stood at Rs72 billion, while customs duty was around Rs100 billion. Refunds of more than Rs50 billion were issued in May.
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