Tax collection rises 19% YoY to PKR 907bn in May’25 o FBR collected PKR 907bn in May’25, +19% YoY. However, the collection was PKR 203bn short of the initial monthly target of PKR 1,110bn. o Based on the revised annual target of PKR 12.3trn, the adjusted monthly target stands at PKR 1,055bn, resulting in a shortfall of PKR 148bn. o On a MoM basis, tax collection rose by 5%. o During 11MFY25, the FBR collected PKR 10,213bn, marking a 26% increase over the same period last year. o Despite this growth, the collection remained PKR 1,027bn below the original target of PKR 11.2trn for the 11 months. o However, based on the revised full-year target of PKR 12.3trn, the shortfall over 11 months witnessed PKR 471bn.