• FBR Member Inland Revenue Policy, Dr. Hamid Ateeq Sarwar, denies rumors .
• The FBR aims to collect between Rs 2,600 and Rs 2,700 billion in taxes from July to September.
• The board will focus on preventing tax evasion in specific sectors.

ISLAMABAD: The Federal Board of Revenue (FBR) has addressed rumors regarding the introduction of a mini-budget during the current fiscal year.

In an informal conversation with journalists, FBR Member Inland Revenue (IR) Policy, Dr. Hamid Ateeq Sarwar, dismissed the speculation, stating, “There would be no need to introduce a mini-budget from October 1,” He further emphasized that the FBR aims to collect between Rs 2,600 and Rs 2,700 billion in taxes from July to September.

The FBR plans to meet this target through several measures, including the recovery of outstanding sales tax from gas companies, sales tax recovery efforts, and advance income tax collections from the corporate sector and banks.

“Rs 50 billion are expected to be collected from income tax returns,” Dr. Hamid Ateeq Sarwar said.

He also highlighted that the FBR will focus on curbing tax evasion in specific sectors, as instructed by Prime Minister Shehbaz Sharif.

Earlier reports suggested that Pakistan might introduce a mini-budget due to difficulties in meeting tax collection targets. Sources indicated that the FBR needed to collect Rs 2,654 billion by the end of the first quarter of FY 2024-25, with Rs 1,190 billion required in September alone.

“If FBR fails to meet the target by the end of the first quarter (July-September), the International Monetary Fund (IMF) may push Pakistan for a mini budget in order to seal $7bln loan deal,” the sources said.

Additionally, the government was reportedly considering stricter tax enforcement measures and possible amendments to the Finance Bill to boost revenue.

Late filers of income tax returns could face higher withholding taxes, while tax authorities might be granted expanded powers to crack down on non-compliance, according to sources.

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