ISLAMABAD: Officials of the Federal Board of Revenue have provided the details of shortfall of Rs605 billion in tax receipts to the representatives of International Monetary Fund at a meeting.
Negotiations between Pakistan and the IMF for the immediate release of the loan installment have entered a crucial stage.
According to reports, the Ministry of Finance, FBR and Energy Division officials submitted their performance reports to the IMF last week, to which the IMF will give its reaction in a day or two.
The Finance Ministry gave a briefing on the current account, fiscal deficit control and international financing, while details of reforms and increasing tax-to-GDP were also shared with them.
The officials have also provided the details of the shortfall of Rs605 billion in tax receipts to the IMF team. While the proposal for relief of real estate, property, beverages and tobacco sectors was also discussed with the IMF delegation.
In addition, a proposal to reduce the burden of taxes on salaried class in the next budget was also discussed, while a plan to collect 250 billion rupees from various sectors, including the retail sector, also came under discussion.
In a briefing to IMF officials, the Ministry of Petroleum and Energy said that Rs1,250 billion will be borrowed from commercial banks at an interest rate of 10.8 percent to reduce circular debt in the energy sector.
