The technical experts’ delegation is scheduled to conduct consultations with the Federal Board of Revenue (FBR) concerning taxation policies over the course of approximately one week.
ISLAMABAD: (UrduPoint/Pakistan Point News-Nov 27th, 2023) A delegation from the International Monetary Fund (IMF) arrived in Pakistan to engage in discussions regarding the expansion of the tax net and the augmentation of tax revenue.
The technical experts’ delegation is scheduled to conduct consultations with the Federal Board of Revenue (FBR) concerning taxation policies over the course of approximately one week.
The delegation plans to propose measures to the FBR, advocating for amendments to the existing tax policy with the goal of broadening the tax net and maximizing tax collection.
It has been disclosed that the FBR and IMF experts will collaborate in devising the foundational framework for the implementation of a scheme targeting retailers.
The Sources assert that an additional one million taxpayers will be incorporated into the tax net, elevating the total number to six million, through the proposed amendments.
The IMF technical team and the FBR are set to collaboratively formulate adjustments to the tax policy, expected to be implemented in the upcoming budget, as per insider information. Importantly, discussions related to the tax net are anticipated to have no impact on the disbursement of the loan tranche.
In a related development, reports have surfaced indicating that the IMF executive board is likely to approve the staff-level agreement with Pakistan on December 7.
The executive board meeting is scheduled for December 7, during which Pakistan's case is expected to be deliberated. Following approval from the IMF's Executive Board, approximately US$700 million is poised to become available to Pakistan, bringing the total disbursements under the program to nearly US$1.9 billion, according to informed sources.
