IMF Talks Make Major Progress Mini Budget Averted
Islamabad: There has been significant progress in the talks between Pakistan and the IMF and it has been decided not to bring a mini-budget.
According to FBR sources, there will be no Mini Budget, & the target of Rs12,970 billion will remain.
General sales tax will also not be levied on petroleum products. The IMF expressed satisfaction with the tax revenues.
Sources say that the tax-to-GDP ratio has increased from 8.8 percent to 10.3 percent.
And the IMF is satisfied with the 1.5 percent improvement in tax-to-GDP. Tax collection on agricultural income will also start from next year.
Further talks will be held with the IMF and discussions are expected on some changes in the Trader-Friendly Scheme.
In three months, Rs12 billion in tax has been collected from retailers and four lakh new traders have also submitted tax returns, as a result of which the number of registered traders has increased from 2 lakh to 6 lakh.
