February 4, 2020 (MLN): The talks between the Federal Board of Revenue (FBR) and International Monetary Fund (IMF) have commenced, following the latter’s arrival in Pakistan yesterday.
Officials from FBR informed IMF about how the tax target of Rs. 5,238 billion couldn’t be achieved, and that the total collection by end of ongoing fiscal year might touch Rs. 4,800 billion.
To reduce the revenue shortfall, the FBR might propose to soften the price of imported goods and increase the level of imported goods altogether.
According to official sources, FBR might bring in mini budget to cope with the revenue shortfall of Rs. 350 billion, lest other measures fail to achieve the objective.
One of the members from FBR, Mr. Hamid Ateeq shall brief the IMF about FBR’s strategy.
FBR may also propose to reduce the revenue collection by Rs. 350 billion to bring it to an achievable level.
The technical team of IMF shall hold talks on second quarter collection targets
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