'IMF-Pakistan to discuss petroleum levy on November 30'

ISLAMABAD: The International Monetary Fund (IMF) team has sought a meeting with Pakistan’s petroleum division officials to ‘review’ steps taken under the petroleum levy to boost revenue, ARY News reported, citing sources.

Currently, Pakistan is charging Rs60 per litre levy each on petrol and diesel, the sources familiar with the matter said.

As per details, the meeting is expected to take place on November 30 in which the matters related to petroleum levy and others will come under discussion between the IMF and Pakistan officials.

Pakistan has collected Rs222 billion in the first four months of the FY2023-24 against Rs47.48 billion during the same period, last year.

Pakistan is tasked to collect Rs869 billion in petroleum levy during FY2023-24 by the International Monetary Fund to boost the country’s revenues, the sources said.

Read more: IMF tax experts’ team reaches Pakistan

It is to be noted that a team of IMF tax experts reached Pakistan on Monday.

Sources said that the technical experts’ delegation will hold consultations with the Federal Board of Revenue (FBR) over the taxation policy for about one week.

The delegation will suggest measures to the FBR for amendments in the tax policy, sources said. “Introducing amendments in the tax policy aimed at expanding the tax net and collecting maximum tax,” sources said.