By Moaaz Manzoor

The Federal Board of Revenue (FBR) collected Rs3,274 billion in taxes during the October–December 2025 quarter against a target of Rs3,467 billion, resulting in a shortfall of Rs193 billion, according to the Economic Infographics report issued by the Institute of Cost and Management Accountants of Pakistan (ICMA).

The report shows that a revenue deficit was recorded in all three months of the quarter. In October 2025, the FBR collected Rs952 billion against a target of Rs1,026 billion, posting a shortfall of Rs74 billion. In November 2025, tax collection stood at Rs895 billion compared to a target of Rs995 billion, reflecting a deficit of Rs100 billion. In December 2025, the FBR collected Rs1,427 billion against a target of Rs1,446 billion, leaving a shortfall of Rs19 billion.

During the quarter, direct tax collection amounted to Rs1,665.7 billion; sales tax collection stood at Rs1,068 billion; federal excise duty totaled Rs210.5 billion; and customs duty reached Rs332.4 billion.

On the debt side, total central government debt, comprising domestic and external liabilities, stood at Rs78,528.8 billion in December 2025. This compares with Rs77,535.6 billion in November 2025 and Rs76,992.4 billion in October 2025. Domestic debt increased from Rs53,958.4 billion in October 2025 to Rs55,362.9 billion in December 2025.

Within domestic debt, long-term debt stood at Rs46,556.8 billion in December 2025, compared with Rs45,482.7 billion in October 2025 and Rs46,183.4 billion in November 2025. Short-term domestic debt amounted to Rs8,744.1 billion in December 2025, compared with Rs8,406.4 billion in October 2025 and Rs8,363.3 billion in November 2025. Naya Pakistan Certificates stood at Rs62.1 billion in December 2025, compared with Rs69.2 billion in October 2025 and Rs64.2 billion in November 2025.

External debt stood at Rs23,165.9 billion in December 2025, compared with Rs22,924.7 billion in November 2025 and Rs23,004.0 billion in October 2025. Long-term external debt was recorded at Rs22,861.2 billion in December 2025, while short-term external debt stood at Rs304.8 billion during the same month.

Credit: INP-WealthPk