FBR shares revenue collection plan with IMF

ISLAMABAD: The Federal Board of Revenue (FBR) has shared the tax revenue plan with the International Monetary Fund (IMF) delegation during second review talks under the $3 billion Stand by Agreement (SBA), citing sources, ARY News reported.

The FBR in its plan informed the IMF about the tax reforms, and steps to bring 3.1 million retailers and defaulters into the tax net to increase the country’s revenue.

The delegation was also briefed about structural reforms in the FBR and hoped to achieve a tax collection of Rs 9,415 billion.

According to the FBR, the target of IMF set for July to December 2023 was met as the body collected Rs4,468 billion against the set target of Rs4,425 billion.

Earlier, the International Monetary Fund (IMF) called upon Pakistan to revisit the National Finance Commission (NFC) award with the provinces.

Article 160 of the Constitution authorizes the president to approve the distribution of revenues between the federation and the provinces through order of the NFC Award.

The newly formed government informed the IMF delegation that the provincial shares could not be reduced without a constitutional amendment and made all the provinces agree to a new formula.