The International Monetary Fund (IMF) has called on Pakistan to introduce a mini-budget after the nation's Federal Board of Revenue (FBR) failed to meet its tax collection targets, as reported by ARY News, citing sources on Saturday.
Saudi deposits nod is crucial for clinching the IMF deal as Pakistan facing difficulty in its talks with IMF due to China-US hostility and IMF is reluctant to give any time frame for finalising the deal while the country is in economic chaos.
According to Business Recorder, after the imposition of taxes of PKR 170 billion in the mini-budget, the new annual tax target of the FBR has been fixed at PKR 7.640 trillion.
The increase in the price of petroleum products was one of the preconditions of the Washington-based lender, which will lead to a hike in the already record-high inflation, coupled with the new fiscal measures undertaken through the 'mini-budget'.
Meanwhile, Pakistan is contesting the fiscal gap in achieving the primary deficit. Pakistani authorities have asked the IMF for incorporating flow of reduction under the revised Circular Debt Management Plan (CDMP) and reduced the amount of required additional subsidy of Rs 605 billion again
London [UK], October 14 (ANI): Jeremy Hunt has been appointed as Chancellor of the Exchequer of the British government on Friday after Prime Minister Liz Truss sacked Kwasi Kwarteng after the economic turmoil unleashed by his mini-budget.
London [UK], October 14 (ANI): United Kingdom's Finance Minister Kwasi Kwarteng has been fired after serving for even less than six weeks, as the new government's September 23 plan of massive tax cuts resulted in the plunging of British government bonds.
Islamabad [Pakistan], August 20 (ANI): Pakistan's Finance Minister Miftah Ismail on Thursday unveiled fresh revenue measures of over Rs 50 billion in the first mini-budget of this fiscal year, however it will render luxury imports "out of reach" for its citizens.
Islamabad [Pakistan], February 10 (ANI): The International Monetary Fund (IMF) has agreed to provide a USD 6 billion bailout package for Pakistan, but it can adversely affect common livelihoods and can compromise Pakistan's economic sovereignty.
Karachi [Pakistan], January 25 (ANI): The Sindh Excise and Taxation Department in Pakistan on Monday has increased tax on vehicles through Finance (Supplementary) Act, 2022, leading to an increase in car prices in the country, reported ARY News.