IMF eases tax collection target of Pakistan
Summary
ISLAMABAD: The International Monetary Fund (IMF) has shown agreement to relax tax collection target set up to Rs4,950 billion to Pakistan, ARY News reported on Thursday. The International Monetary Fund (IMF) urged for setting the tax collection target up to Rs5,100 billion, whereas, the Federal Board of Revenue (FBR) predicted the collections up to Rs4,700 billion. According to details, the FBR has entered into the final phase of finalising the recommendations for the taxes and exemptions for the new fiscal year after the approval of IMF to relax the collections. Sources said that the authorities have decided to increase income tax and federal excise duty (FED) for non-filer the IMF placed a demand to end sales tax exemption on all sectors. It is also recommended to further increase in GST rate for non-filer which stood at 17 per cent, whereas, the unregistered persons will not get the facility of the input tax credit.