FBR expects Rs1.330tr collection in September despite Rs28bn August shortfall; return-filing deadline may be extended
ISLAMABAD: Pakistan has assured the International Monetary Fund (IMF) that the Federal Board of Revenue (FBR) will achieve its Rs3.053 trillion tax collection target for the first quarter of the current fiscal year despite falling Rs28 billion short of its August revenue target.
Sources said FBR officials briefed the IMF delegation on the tax collection position during the first quarter and explained the reasons for the shortfall recorded in August.
The FBR team informed the IMF that the tax authority expects to collect the targeted Rs1.330 trillion in September and meet the overall first-quarter revenue target of Rs3.053 trillion for July-September.
The FBR had achieved its revenue collection target for July but recorded a Rs28 billion shortfall against the target for August, putting greater pressure on September collections to ensure that the quarterly target is achieved.
The IMF delegation also questioned Pakistani officials about the number of income tax returns filed for Tax Year 2026.
According to the FBR briefing, around 4.7 million income tax returns had been received so far, compared with 3.2 million returns during the corresponding period last year, showing an increase of around 1.52 million returns year-on-year.
The statutory deadline for filing income tax returns is September 30, 2026. Sources said the FBR may consider extending the deadline after reviewing the filing position and requests received from taxpayers and relevant stakeholders.
However, any extension in the return-filing deadline would require a formal announcement by the FBR.
### Civil servants’ asset declarations
The Pakistani team also briefed the IMF delegation on measures taken to implement the requirement for declaration of assets by civil servants.
Officials informed the IMF that legislation relating to declaration of assets by civil servants had been enacted, with a new Section 15-A added to the Civil Servants Act.
The new provision empowers the government to regulate and monitor the financial conduct of public servants.
Under the framework, federal civil servants in grades 17 to 22 will be required to submit their asset declarations electronically by October 30, 2026.
The briefing further stated that civil servants in grades 17 to 22 would be required to publicly disclose their assets, while restricted information would be made public by December 31, 2026, in line with the deadline agreed with the IMF.
The Establishment Division secretary briefed the IMF delegation on the legal and administrative measures being taken to implement the asset declaration framework.
### Auto policy, tariff reforms on IMF agenda
Sources said the Pakistani team will also brief the IMF on the proposed draft of the new five-year auto policy.
The proposed auto policy is among the measures being discussed with the Fund as Pakistan seeks to advance reforms in the industrial and trade sectors.
The Ministry of Commerce is also expected to brief the IMF on the National Tariff Policy and changes introduced in import and export orders.
The discussions are taking place as Pakistan continues to engage with the IMF on revenue mobilisation, structural reforms and measures linked to the country’s economic programme.