Govt to increase petroleum levy to Rs 60 on IMF demand

ISLAMABAD: The federal government is likely to increase the Petroleum Development Levy (PDL) to Rs 60 to fulfil International Monetary Fund (IMF) demand, ARY News reported on Tuesday.

As per details, the government has suggested increasing the PDL levy to Rs 60 to meet the IMF demand.

The powers to increase PDL are likely to be transferred from parliament to the federal cabinet and the Petroleum Development Levy (PDL) is likely to be increased from Rs 50 to Rs 60 in the next fiscal year finance bill as the target for the next fiscal year is Rs 869.

Moreover, Minister of State for Finance and Revenue Aisha Ghaus Pasha clarified that the Petroleum Development Levy will not be increased as of now. 

IMF seeks cut in govt expenditures

Meanwhile, the International Monetary Fund (IMF) in fresh contact with Pakistan has demanded to slash expenditures of the federal and provincial governments, it emerged.

The IMF in pre-budget talks has also demanded to fix the tax revenue target above Rs. 10,000 billion, according to sources.

In virtual talks Pakistan has convinced the lender to move the talks ahead and also requested the staff-level agreement, sources said.

“IMF intending a joint 9th and 10th review of the loan package, but Pakistan wants to complete 9th review of the bailout package separately”.

According to sources, the sides also discussed budget figures as the monetary fund advanced its demand to enhance the FBR tax collection to 10,000 billion rupees. It also demanded steps to increase the recovery of income tax.