IMF tweaks quarterly tax collection target for Pakistan

 IMF tweaks quarterly tax collection target for Pakistan

The International Monetary Fund (IMF) has maintained the tax collection target of Rs9,415 billion for the current fiscal year but has adjusted the monthly tax collection targets for the last three months (April-June) period.

The government is actively engaging with around 10 interested parties, primarily international firms, for the digitization of the Federal Board of Revenue (FBR). The aim is to select a consultant to introduce end-to-end technology utilization for expanding the tax base. An official stated, “We expect the high-powered committee to meet this week to finalize the hiring of a consultant for the digitization of the FBR.”

In terms of tax collection targets, the focus is now on June 2024, with the FBR tasked with achieving tax collection of over Rs1,245 billion. The monthly targets for April 2024 and May 2024 have been set at Rs704 billion and Rs745 billion, respectively, for the current fiscal year.

In the first nine months (July-March) of the current fiscal year, the FBR collected Rs 6,710 billion against the agreed target of Rs 6,700 billion with the IMF. However, the FBR needs to collect Rs2,705 billion in the last quarter (April-June) to meet the assigned target of Rs9,415 billion by June 30, 2024.

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