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Pakistan’s government will not impose additional taxes in the current fiscal year as it’s optimistic about meeting its collection target.
Author of the article:
Bloomberg News
Kamran Haider
Published Nov 18, 2024 • 1 minute read
(Bloomberg) — Pakistan’s government will not impose additional taxes in the current fiscal year as it’s optimistic about meeting its collection target.
The tax revenue goal of 13 trillion rupees ($47 billion) for the financial year ending in June will be achieved through strict adherence with current policies, Finance Minister Muhammad Aurangzeb said in a televised address on Sunday.
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“We are going to be very firm on compliance and enforcement,” he said.
Prime Minister Shehbaz Sharif’s government is facing public criticism for raising taxes and energy costs to meet the International Monetary Fund’s conditions for a loan package. An IMF team completed talks in Pakistan last week, with both sides agreeing on the need for the South Asian nation to continue prudent fiscal and monetary policies and mobilizing revenue from untapped tax bases.
The lender will hold the initial performance review under Pakistan’s $7 billion loan program in the first quarter of 2025.
Pakistani officials shared with the visiting IMF team the government’s road map related to reforms in taxation, energy and state-owned enterprises sectors, privatization and public financing, the minister said on Sunday. “It’s an ongoing dialog, conversation to build trust and credibility,” Aurangzeb said.
Sharif has committed to enhance revenue from under-taxed sectors such as retail and agriculture and restructure or divest unprofitable state-owned entities to reduce financial burden on the economy.
—With assistance from Faseeh Mangi.
(Updates with finance minister’s televised comments throughout)
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