IMF seeks report on Rs 6,670 billion revenue collection targets

ISLAMABAD: The International Monetary Fund (IMF) has demanded a comprehensive plan from the Federal Board of Revenue (FBR) on the plan of collecting Rs 6,670 billion by June 2024.

The projection report sought by the IMF will require a detailed breakdown of revenues from all sectors to meet their demanding requirements. Importantly, the IMF has made it clear that the FBR must not fall short of its tax revenue targets.

In response, the FBR is expected to submit a report to the IMF on Monday, highlighting the progress made on pending tax cases. Notably, sources have revealed that information on 1 million new taxpayers has been shared with the IMF, emphasizing the significance of increasing the taxpayer base.

Flour prices drop after successful negotiations with mills

The IMF has left no room for revenue shortfalls or tax exemptions, underlining the importance of enhancing revenue collection through an expansion of the taxpayer pool. The talks between Pakistan and the IMF also include discussions to increase the number of taxpayers from 4.9 million to a target of 10 million.

In a collaborative effort, consultations involving the IMF and the World Bank (WB) will be conducted to explore strategies for augmenting the taxpayer count. These measures are part of a concerted effort to achieve the formidable revenue collection target set by the IMF.

The financial stability of Pakistan hinges on meeting these revenue objectives, and the nation’s fiscal authorities are now tasked with devising and executing a plan to meet these formidable financial goals.