The International Monetary Fund (IMF) has advocated for the imposition of taxes on the retail, real estate, and agricultural sectors, according to Federal Bureau of Revenue (FBR) sources who spoke with ProPakistani about the intensifying negotiations on the first review of Pakistan’s $3 billion Standby Arrangement.
Pakistan and the IMF are currently in technical talks, and many important pathways for bridging finance gaps have been identified.
In particular, the IMF has recommended more stringent real estate tax enforcement. Additionally, during the current fiscal year, shops may be subject to a fixed tax in the event of a shortfall in tax income. According to FBR sources, the lender has suggested that the tax body use its authority to impose taxes on merchants beyond December.
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It was informed that before taxing the agriculture industry, provinces must be consulted. As for possible revenue at the conclusion of the current fiscal year, FBR has reported to the IMF. According to additional sources, the lender’s mission will react to the revenue data in two days.
Interestingly, the Tax Policy and Management Task Force, which falls under the jurisdiction of the tax regulator, was also briefed to the IMF.
Late last week, negotiations with the IMF got underway, and both parties shared vital information to expedite the current review. Pakistan’s performance during the evaluation process will determine whether or not the lender awards a second tranche of $700 million.
The country’s economic stability and its capacity to obtain ongoing financial support from the crisis lender will surely be significantly impacted if the review is successful.
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