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Breaking News!! Salary Mein Izafa | Dunya News


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The federal government has decided to impose new taxes to the tune of Rs700 billion in the upcoming budget for fiscal year 2023-24.

After intensive consultation with the International Monetary Fund (IMF), the government would set Rs9,200 billion as tax collection target for the Federal Board of Revenue (FBR), around Rs1,900 billion more than the outgoing fiscal year.

The government has finalised the Finance Bill, which has proposed an increase in withholding tax (WHT) on import of luxury items. Furthermore, it has proposed to double the WHT for non-filers on buying and selling in property sector.

Similarly, the bill has proposed hike in WHT on trade of prize bonds.

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Pakistan has to satisfy the IMF on three counts, starting with a budget to be presented on Friday, before its board will review whether to release at least some of the $2.5 billion still to be disbursed under a lending programme that will expire at the end of this month, an IMF official said on Thursday.

Esther Perez Ruiz, the International Monetary Fund’s resident representative for Pakistan, said that there was only time for one last IMF board review before the scheduled end of the $6.5 billion Extended Fund Facility (EFF).

Pakistan has barely enough currency reserves to cover one month’s imports. It had hoped to have $1.1 billion of the funds released in November — but the IMF has insisted on a number of conditions being met before it makes any more disbursements.

“As communicated to the authorities, there can be one remaining Board meeting under the current EFF at end-June,” Perez Ruiz said in an email response to Reuters.



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