ISLAMABAD: To comply with International Monetary Fund (IMF) requirements, the federal government has added new taxes of Rs 215 billion to the budget.
Govt imposes new taxes to meet IMF conditions: Ishaq Dar, the federal finance minister, said in a speech to the National Assembly that the petroleum development levy was raised from Rs. 50 to Rs. 60 per litre and that the cap of the levy will not exceed Rs. 60.
The federal government will levy an additional Rs215 billion in new taxes and reduce spending by Rs85 billion for the upcoming fiscal year, among other steps to reduce the fiscal imbalance, he said.
He praised the coalition parties’ recommendations for amendments. He urged the populace to pay all outstanding taxes because the nation needs to raise its tax collection.
Earlier today, Ishaq Dar, the Federal Minister for Finance and Revenue, declared that Pakistan has met all the requirements set by the International Monetary Fund (IMF), stating that the signature of a staff-level agreement is now free from any obstacles.
The finance minister stated that in a last-ditch effort to finalise a stalled rescue plan with the international lender, the government has made a number of revisions to its fiscal 2024 budget.
The event happened the day after Prime Minister (PM) Shehbaz Sharif had a meeting with IMF Managing Director Kristalina Georgieva in Paris, which was taking place in conjunction with the Global Financing Summit.
The two discussed their respective perspectives on the ongoing programmes and cooperation between Pakistan and the IMF during the meeting. Furthermore, On May 27, 2023, the premier reminded Ms. Georgieva of their most recent phone chat and informed her of Pakistan’s economic prospects.
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