Tax evaders’ data to be shared with IMF

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have reached an agreement to collaborate in sharing data related to tax evasion through the combined efforts of the Federal Board of Revenue (FBR), financial institutions, and the National Database and Registration Authority (NADRA). This initiative aims to enhance tax collection in the country.

According to sources, this agreement was reached during policy review discussions between IMF officials and representatives from Pakistan. The objective of the talks was to secure a $700 million loan tranche as part of the Stand-By Arrangement (SBA).

Pakistan seeks support from friendly nations amidst IMF talks

During the discussions with the IMF delegation, officials from the FBR, banks, and NADRA consented to share data concerning citizens who are evading taxes.

Pakistan informed the IMF about its plans to furnish a comprehensive report on customer data in January 2024, as per the sources.

The meeting also included deliberations on enhancing the country’s tax collection system and administration.