Pakistan shares collection plan with IMF under petroleum levy

ISLAMABAD: The Pakistan government has shared a plan with the International Monetary Fund (IMF) for the collection of taxes on account of petroleum levy.

According to the details, the Government of Pakistan has presented a plan to the IMF for the collection of Rs1,065 billion through petroleum levy in FY2024-25, which is Rs196 bln, higher as compared to FY2023-24.

Pakistan is expected to collect Rs918 bln through petroleum levy in the current fiscal year, which will be Rs49bln higher as compared to the set target of Rs869 bln.

At present, the Pakistan government is charging a Rs60 per litre levy on petrol and diesel.

The federation received Rs222 billion in the first quarter of this fiscal year on account of petroleum levy collection.

Earlier it emerged that the Pakistan government reportedly assured the International Monetary Fund (IMF) of imposing new taxes worth Rs18 billion, monthly.

The sources say the development comes after “do more” demands of the International Monetary Fund.

The government has assured the IMF of slapping additional taxes on textile and sugar to meet the expected shortfall in tax collection.