Islamabad: The Federal Board of Revenue (FBR), at the conclusion of its performance review meeting with the visiting delegation of the International Monetary Fund (IMF), has stated that there will be no new taxes or mini-budget announcement to bridge the revenue generation shortfall recorded in the first half of the existing fiscal year, according to news sources.
According to officials, the taxation department had almost achieved its revenue collection target for the second quarter of the FY 2019-20. They added that taxation and electricity were the two topics discussed at length during the meeting.
The officials claimed that IMF was satisfied by the authority’s performance and that any mention of mini-budget was ‘pre-mature’. The policy discussion between the Pakistani team and the IMF delegation is expected be held between February 10 and 13. In this period benchmarks for the third quarter of the fiscal year will be set and then presented to the IMF board.
Moreover,
FBR has conveyed to the IMF that the revised target of the PKR 5.270 trillion
is not achievable and any more taxes may cause businesses to shut down.
According
to the estimates, the revenue collection is expected to amount to PKR 4.8
trillion, with an increase of PKR 1 trillion against the last year’s figure of
PKR 3.85 trillion.
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