Plan shared with IMF to add 1.5m new taxpayers

Pakistan’s top tax authority has unveiled an ambitious plan to the International Monetary Fund to bring 1.5 million new taxpayers into the net by the end of June 2024. The blueprint of the strategy, which was shared during the technical-level discussions with IMF officials, represents a significant milestone in Pakistan’s efforts to bolster its fiscal framework, a senior tax official told Dawn on Saturday. The technical team has engaged in multiple rounds of discussions with tax officials from the Federal Board of Revenue (FBR), focusing on the tax performance in the first quarter. The IMF representatives have expressed satisfaction with the tax collection efforts, the official revealed. The IMF’s technical staff initiated the first evaluation of the short-term $3bn loan agreement on Nov 2, which concluded on Nov 10. The majority of the targets appear to be on track, paving the way for the release of a $710 million tranche in December. “We have shared our projections for revenue collection in the next eight months with the IMF officials,” the official said, adding that no demand came from the Fund to take fresh tax measures.