Pakistan will raise Rs. 40 billion through new taxes to meet IMF requirements: Ishaq Dar

ISLAMABAD: Federal government has announced a new mini budget to impose new taxes worth 40 billion on the directives of IMF . People will have to face burden of Rs. 40 billion new taxes. While addressing the press conference in Islamabad, Financial Minister Ishaq Dar said government will not increase tax rate on items that are basic needs of ordinary man. However consumers of imported luxury item will have to pay extra tax. Dar further stated that government has imposed regulatory duty on 350 imported luxury items including air conditioners, refrigerators, satellite dish, receiver, butter biscuits, honey, chees, chocolate, perfume, cigarette, shampoo, toothpaste, microvan and complete automatic machinery etc. He added that the decision was taken in the ECC meeting to impose new taxes. Government will have to recover the revenue shortfall of 40 billion for taking next $ 502 million tranche of IMF loan. IMF has made it clear that, if government fail to recover revenue shortfall, it will not issue next tranche of loan.