FBR attempts to convince IMF it can achieve target without new taxes

Pakistan is trying to narrow gaps with the International Monetary Fund (IMF) over revenue collection projection for the next seven months (December-June) in a bid to end the uncertainty that has stemmed from the delay in the 9th review of the Extended Fund Facility (EFF) programme, Dawn learnt from official sources on Monday. The fund officials estimate a shortfall of Rs422 billion in FY23, which the Federal Board of Revenue (FBR) has rejected. The board has, however, put forward its estimates before the IMF, stating that despite falling imports, the projected budgetary target can be achieved. And FBR estimates show no need for fresh taxation measures to fill the proposed gap. However, IMF insisted on additional revenue measures to keep the revenue collection on track to reach the projected tax target of Rs7.47 trillion by the end of June 30, 2023, a 21.5 per cent growth over the last year’s collection.