The Federal Board of Revenue has assured the International Monetary Fund that it will meet its Rs. 3.053 trillion tax collection target for the first quarter of the current fiscal year despite falling short of its August target.
FBR officials briefed the visiting IMF mission on the revenue position and explained the reasons behind the August shortfall. The tax authority met its July target but collected Rs. 28 billion less than the target for August.
The FBR expects to collect around Rs. 1.330 trillion in September against its monthly target of Rs. 1.343 trillion. This would take total tax collection for July through September to the Rs. 3.053 trillion target agreed with the IMF by September 30.
The IMF also asked about income tax returns filed for Tax Year 2026. The FBR told the mission that it had received around 4.7 million returns, compared with 3.2 million during the same period last year, an increase of about 1.52 million filings.
The statutory deadline for filing returns is September 30, 2026. The FBR is expected to review the filing position before deciding whether an extension is needed. Any extension would require a formal announcement by the tax authority.
Separately, the Establishment Division and tax authorities briefed the IMF on the digitization of the Asset Declaration Scheme under Section 15 A of the Civil Servants Act, 1973. Around 10,000 federal government employees covered by the scheme will be required to digitally declare their movable and immovable assets.
Under the new framework, federal civil servants in grades 17 to 22 must submit their asset declarations electronically by October 30, 2026. The briefing also stated that their assets would be publicly disclosed, with restricted information to 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 for implementing the asset declaration framework. The government expects the digitized declarations to strengthen monitoring of assets held by federal civil servants.
The IMF mission is continuing its review of Pakistan’s fiscal and revenue performance, structural reforms and the impact of recent external developments. The ongoing talks are also covering progress on programme benchmarks and revenue mobilization measures.
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