An International Monetary Fund delegation arrived in Pakistan on Monday and commenced discussions with Federal Board of Revenue officials on the nation’s fiscal performance.
According to sources, the IMF team will review Pakistan’s economic performance and hold talks with relevant ministries.
Sources said that the government already briefed the delegation on its economic goals and achievements during the first quarter of the fiscal year. Key areas of discussion include tax collection, where Pakistan has seen a 96.6% achievement of its tax target from July to September.
The team, led by the FBR chairman, briefed the IMF on tax collection and revenue figures for the first quarter of the current financial year.
According to FBR officials, tax revenue reached Rs2,625 billion between July and September, covering 96.6% of the target for the first three months. However, in the four-month period from July to October, there was a shortfall of Rs190 billion in meeting the overall tax target.
The IMF delegation was informed that FBR managed to raise an additional Rs8 billion in September, surpassing the target of Rs1,098 billion.
Officials briefed the IMF team that there has been a 76% year-on-year increase in income tax returns, with over 5.2 million individuals filing returns this year, resulting in more than Rs132 billion in revenue. The FBR also achieved its Rs10 billion tax collection target from retailers during the first quarter.
The IMF team is expected to meet Finance Minister Muhammad Aurangzeb Tuesday to discuss fiscal policies and potential adjustments aimed at addressing the revenue shortfall. Minister of State for Finance Ali Pervaiz Malik and State Bank representatives also participated in the briefing.
