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.
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