IMF demands tax collection plan from Pakistan: sources

ISLAMABAD: The International Monetary Fund (IMF) has demanded tax collection plan of Rs 6670 billion till June 2024 from Pakistan, ARY News reported on Saturday.

An IMF review mission reached Pakistan on Wednesday night to review the country’s economic performance during the first three months of the current fiscal year–from July to September.

The lender has demanded tax collection report of all sectors in its projection report.

The talks for the next installment of $700 million tranche began on Thursday.

Sources said that the IMF team has stressed that ” the Federal Board of Revenue (FBR) will avoid shortfall in tax collection revenue targets.”

The IMF team has also summoned report on Monday from the FBR over progress in tax cases pending in courts, sources said.

The FBR has shared details of one million new taxpayers in the tax net with the IMF team. The IMF has demanded details of tax the FBR collecting from each sector.

The taxation officials also discussed increasing number of taxpayers to 10 million from 4.9 mln.

The IMF has shown no leniency in its revenue collection targets and urged for generating revenues by increasing the number of taxpayers.

The FBR will submit its report over the issue on Monday, sources added.

The IMF review mission being led by the IMF’s country chief, Nathan Porter.

Sources at the finance ministry earlier said that Pakistan has completed all conditions of the IMF for the review talks under the $3 billion standby arrangement (SBA).