IMF directs Pakistan to share revenue projection plan of Rs 6.66tr

ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan to share a revenue projection plan of Rs 6.66 trillion, equivalent to 46% of the Federal budget. 

Sources said that the IMF during the review meeting directed Federal Board of Revenue (FBR) officials to furnish a monthly collection plan of the remaining 6.667 trillion revenue during the current fiscal year.

The FBR has collected Rs 2.75 trillion from July to October this year and it needs Rs 6.66 trillion to achieve Rs 9.415 trillion yearly revenue target.

Sources said that the mission team has directed the FBR officials to present all sectors’ projection reports showing how much tax FBR is collecting from every sector.

In addition, the IMF has also sought a report from tax authorities on the progress of pending tax cases on Monday.

Reportedly, the FBR team during the meeting also shared the plan of including 1 million new taxpayers in the tax net, with the IMF.

Sources said that both sides have also discussed the plan to increase taxpayers to 10 million. The Pakistani side has assured the staff team that they will not only add new taxpayers but also increase the number of taxpayers with the help of the World Bank program.

The IMF team categorically communicated to the FBR team, not to make cuts in revenue targets.

Sources said that FBR will submit a report on the IMF’s demands on the coming Monday.

Sources said that IMF team will neither meet with any political party nor the Election Commission of Pakistan officials to discuss the general election.

Earlier, It was reported that the IMF team will meet the ECP officials to discuss the next general elections.

Sources also said that the technical negotiations between Pakistan and IMF will continue till next Friday, following which both sides will start policy level negotiations to make consensus on a memorandum of economic and financial policies (MEFP).