HAFIZABAD - Federal Board of Revenue failed to achieve revenue collection target of nine months of the financial year targeted at Rs 1785 billion and could only get Rs 1210 billion, a shortfall of 32 percent.

FBR sources said that originally the FBR was to collect taxes to the tune of Rs 2381 billion during the year but due to fear of expected shortfall the target was slashed by Rs 255 billion to Rs 2126 billion.

Despite slashing down of the revenue collection target, the FBR could not meet the target of nine months. It collected Rs 402 billion in the first quarter and Rs 463 billion in the second quarters.

The tax collection suffered the worst blow in the first quarter of January-March, 2013 as only Rs 345 billion could be managed. Thus the overall shortfall in collection under revised estimates stood at Rs 384.5 billion.

Sources feared that if the tax collection pace continued at the current level, overall revenue collection deficit would touch the all time high of Rs 768 billion.