Friday, November 15, 2024

IMF Urges Pakistan to End Tax Exemptions, Impose Rs1,300 Billion Taxation

The International Monetary Fund (IMF) has urged the government of Pakistan to terminate tax exemptions and impose taxes amounting to Rs1,300 billion.

IMF experts have advised the government to raise the general sales tax to a minimum of 18% on various commodities, ranging from essential food items and medicine to petroleum products.

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According to IMF estimates, implementing these additional tax measures could result in a revenue gain of up to 1.3% of the GDP.

Read also: Letter Sent to IMF: Khan Urges IMF to Consider Pakistan’s Instability

The IMF’s team last visited Pakistan in December 2023, engaging in discussions with the caretaker government. However, the new administration is expected to face significant challenges in implementing the IMF’s recommendations.

Pakistan is awaiting the disbursement of the third installment of the stand-by agreement, which was finalized in July of the previous year.

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Amidst already high inflation and interest rates, the imposition of additional taxation is poised to further burden the population.

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Zubair Yaqoob
Zubair Yaqoob
Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories.Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting.Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

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