Govt awaits IMF stance on mini-budget

As the government awaits the International Monetary Fund's (IMF) position on the mini-budget, the Minister of State for Finance, Ali Pervaiz Malik, announced on Thursday that tax notices are being sent to Pakistan's wealthiest 5,000 non-filers, with an expected revenue collection of Rs7 billion. Following a desk audit of transaction data for 200,000 non-filers, the top 5,000 high-net-worth individuals will receive notices within two weeks, Malik shared at an event hosted by the Policy Research Institute of Market Economy (PRIME). These individuals reportedly own at least three cars, earn Rs100 million in bank account profits, pay over Rs200,000 monthly on credit card bills, and send their children to private schools. The estimated combined net worth of these 5,000 individuals is Rs26 billion to Rs27 billion, with an expected Rs7 billion in revenue. "We can say with a high level of confidence that there is a huge tax potential," Malik said, noting that each individual has an average net worth of Rs5.4 million and could potentially pay Rs1.4 million in income tax.