IMF raises serious concerns over petroleum smuggling in Pakistan
The International Monetary Fund (IMF) has expressed "concern" about the illicit transportation of petroleum products in Pakistan, sources within the Federal Board of Revenue have revealed. According to available information, the IMF has requested a report from the finance ministry and the FBR detailing the measures taken thus far to curtail the monthly smuggling of 143 million liters of petroleum products.
Sources indicate that the IMF has highlighted that this illegal activity is causing a deficit in revenue, resulting in a loss of Rs10 billion in customs levies. The IMF has urged Pakistan to take steps to control the smuggling of petroleum products, as per sources.
Earlier this month, Caretaker Finance Minister Shamshad Akhtar affirmed the government's commitment to fulfilling its tax collection agreement with the IMF during a press conference with caretaker federal ministers, addressing the challenges inherited by the caretaker setup and their resolve to address them systematically.