The Federal Board of Revenue (FBR) in Pakistan has given assurances to theInternational Monetary Fund (IMF) mission during their visit that they willnot introduce any new tax amnesty scheme. This development comes asdiscussions are in progress for the release of the next $710 millioninstallment, as reported by ARY News on Friday, citing insider sources.
A review mission from the IMF arrived in Pakistan on November 2, and theirprimary focus was to assess the country’s progress in meeting the targetsestablished in a $3 billion program that was approved in July of the sameyear. This program was initiated to provide economic support and stabilityfor Pakistan’s struggling economy.
Earlier, the IMF executive board had given the green light to a nine-monthstandby arrangement (SBA) with Pakistan, aimed at assisting the country’seconomic stabilization efforts. Following this approval, the IMF disbursedan initial installment of $1.1 billion to Pakistan.
The successful completion of the second quarterly review is pivotal, as itwill pave the way for the release of the second tranche of $710 million.
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In their initial meeting with the IMF review mission, the Federal Board ofRevenue (FBR) presented a detailed report concerning the tax performancefor the period of July to September. This report covered aspects such asrevenue targets, refund payments, and tax rebates, all of which had beendiscussed in a prior meeting between the IMF and the Pakistan delegation.
The report highlighted the achievement of the income tax refund target forthe July to September period. Additionally, the revenue board reassured theIMF delegation that they are on track to meet the revenue target of Rs9.415trillion. Furthermore, they affirmed their commitment to not introducingany new tax amnesty scheme.