Islamabad: The International Monetary Fund (IMF) has asked Pakistan for a tax plan for the next 10 months during negotiations.
The second session of the Technical Level Dialogue on Economic Review between Pakistan and the International Monetary Fund (IMF) reviewed the economic data of the first quarter, and discussed in detail the tax collections of the FBR. .
Also read this news: Achieving the target of refunds payments, submission of a report on ending tax exemptions to the IMF
During the negotiations, the International Monetary Fund (IMF) asked Pakistan’s economic team for a plan for possible tax revenue in the next 10 months. According to sources, the IMF has started putting demands before the economic team.
A strategy to increase the number of taxpayers from 4.9 million to 1 crore was discussed in the technical level talks between Pakistan and the IMF. Details of 1 million new taxpayers included in the tax net during the negotiations have been provided to the IMF.
The IMF was told by the economic team that the data of another 10 lakh people is being collected from business transactions and banks and notices are being sent. In the second phase, the identity cards of big tax defaulters can also be blocked. In order to increase the tax net, it has been suggested to take help from the World Bank in addition to the International Monetary Fund.
read more: IMF satisfied with government performance, hints at continued support
The FBR has assured the IMF of meeting the annual tax target without any shortfall. According to the officials, the IMF has been assured to meet the tax target of 9,415 billion rupees for the current financial year. 2 billion rupees tax has been collected while the remaining 6670 billion rupees tax will be collected by June 2024.
FBR has also ruled out the possibility of tax shortfall in the current financial year. FBR will submit its report on IMF’s new demands next week.
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