IMF Needs Government to Eliminate Sales Tax Concessions
According to the International Monetary Fund (IMF), Pakistan’s Federal Budget (2021–2022) will eliminate all sales tax concessionary rates and sales tax exemptions, with the exception of a small subset of items (basic food, medicines, live animals for human consumption, educational materials, and health-related items), and will subject all other items to the standard rate of 17 percent sales tax.
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According to the research, the government would implement the GST and the PIT reform with the budget for 2021–22, with a potential revenue of 1.1 percent of GDP.
The expansion of the tax base, a major strategic budgetary goal, the reduction of informality, and the simplification and modernization of the tax system all depend on this. High-quality tax policies will support the changes in accordance with IMF staff recommendations.
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Moreover, the government is working with the World Bank to synchronize the service sales tax throughout all provincial authorities. This project is anticipated to be finished by the end of June 2021.
The government’s main fiscal goals continue to be expanding the revenue base, lowering informality, and streamlining and modernizing the tax code.
The General Sales Tax (GST) Reform will unify the systems of the federal and provincial governments by extending the GST revenue base.
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