FBR sources say IMF rejected a request from FBR to revise its tax targets during a recent virtual meeting
ISLAMABAD: (UrduPoint/Pakistan Point News-Nov 2nd, 2024) The International Monetary Fund (IMF) has urged Pakistan to introduce a mini-budget to address the shortfall in tax revenue after the Federal Board of Revenue's (FBR) failure to meet its targets.
The FBR sources said that the IMF rejected a request from the FBR to revise its tax targets during a recent virtual meeting. The IMF warned that the shortfall could complicate the release of the second tranche of the ongoing loan program.
In response, the IMF suggested the government cover the deficit through additional revenue-generating measures.
To address this, the sources said that a mini-budget worth Rs500 billion might be introduced in the coming months, with a possible ordinance for additional FBR enforcement measures worth Rs60 billion. Meanwhile, Prime Minister Shehbaz Sharif asked the FBR Chairman for a detailed performance report to assess the situation.
In efforts to meet tax targets, the FBR reshuffled 18 officials, including four board members.
Among these changes, Meer Badshah has been removed from his position as Member Inland Revenue Operations and Tariq Arbab from Member Legal.
Hamid Atiq Sarwar has been appointed to oversee Inland Revenue Operations while Najib Ahmed Memon has taken over Sarwar’s previous role as Member Inland Revenue Policy.
The FBR sources added that the plan to remove Meer Badshah Khan had been under consideration since Rashid Mahmood Langrial’s appointment as the new FBR chairman.
