The latest reports suggested that the international lender asked the Pakistan government for legislation to increase petroleum levy over Rs50 per litre to meet the target.
ISLAMABAD: (UrduPoint/Pakistan Point News-Feb 3rd, 2023) Amid the ongoing talks for stalled ninth review of the $7 billion Extended Fund Facility (EFF), the International Monetary Fund (IMF) on Friday asked Pakistan to increase the petroleum development levy to meet the target of Rs855 billion collection.
The latest reports suggested that the international lender asked the Pakistan government for legislation to increase petroleum levy over Rs50 per litre to meet the target.
The government, during the talks of the government, briefed the IMF mission about the imposition of Rs200 taxes under the mini-budget which might be presented before the joint session of Parliament or in the shape of the ordinance in the ongoing month of February.
The government also informed the IMF mission about their plan to increase non-taxed income by speeding up the privatisation program.
The government in the mini-budget also recommended slapping 3pc flood levy on imported luxury items in a bid to increase the income, said the reports, pointing out that 1pc flood levy would be imposed on imported goods, where the duty was zero.
They added that the government also planning to impose a flood levy on the profit earned by the banks on foreign exchange.
It may be mentioned here that the IMF delegation is in Pakistan these days and holding talks with the government for stalled ninth review of the $7 billion Extended Fund Facility (EFF).
