Islamabad: An important round of virtual negotiations between Pakistan and the International Monetary Fund for the loan program has begun, with the prospect of major progress being made.
According to the sources of the Ministry of Finance, talks were held between Pakistan and IMF officials last night.
According to the negotiations held yesterday, permission has already been given by the State Bank of Pakistan for the provision of foreign exchange for the clearance of import containers. The condition of the IMF has been fulfilled.
Apart from this, before the approval of the budget from the Parliament for the staff level agreement, the revision of the budget framework for the next financial year will also be informed.
read more: Accepting five major demands of IMF, recommending 2.5% tax on monthly salary of Rs
The IMF will be told that in the upcoming budget, additional taxes of Rs 415 billion will be collected, while in the next fiscal year a total of Rs 925 billion new taxes will be levied and new taxes of Rs 215 billion by the government. will also be implemented.
The IMF will also be apprised of the proposed increase in income tax by 2.5% on income above Rs 2.4 lakh per annum in the Amended Finance Bill and will be informed that the rate of income tax on salary above Rs 2 lakh per month will be reduced. The proposal to increase the excise duty by 2.5%, the proposal to impose 5% federal excise duty on fertilizers will also be communicated to the IMF, which will generate 35 billion rupees.
read more: Finance Minister accepted IMF’s condition of additional 215 billion rupees in taxes
According to the sources, the IMF will also be informed about the proposal to increase the tax on property purchase and sale from 1 to 2 percent, which is estimated to generate another 45 billion rupees, while the petroleum levy will be increased from 50 to 60 per cent. It will also inform about the proposal to make Rs.
Also read: PM’s meeting with MDIMF, assurance of fulfillment of commitments
According to sources, Pakistan and the IMF are making efforts to reach an agreement on the budget framework.
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