Government Chooses to Slap RS 140 Billion Taxes from July
The cost of tax exemptions increased by another one-fifth to nearly Rs1.4 trillion in the current fiscal year, and the federal cabinet has approved introducing a new budget to blow taxes amounting to Rs140 billion to meet the IMF condition.
After defying the IMF demand for more than a year, the Income Tax Second Amendment Act 2021 was finally approved during a cabinet meeting presided over by Prime Minister Imran Khan.
In order to fulfil two additional prior actions, the cabinet also approved the State Bank of Pakistan Amendment Act and the State-owned Enterprises Act.
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The $6 billion programme had been put on hold by the IMF more than a year earlier because the prime minister had resisted raising electricity rates and introducing a mini-budget.
Last month, Pakistan and the IMF reached a staff-level agreement to approve the second through fifth reviews and release the subsequent $500 million loan tranche, subject to the fulfilment of specific requirements.
The tax system needs to be improved, according to the premier, so that businesses can operate more easily and the economy can expand.
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