IMF Begins Talks To Review Pakistan Limping Tax System
Muhammad Irfan Published October 15, 2019 | 09:58 PM
International Monetary Fund (IMF) Technical Mission has begun talks to review Pakistan crumbling tax system
ISLAMABAD (UrduPoint / Pakistan Point News - 15th October, 2019) International Monetary Fund (IMF) Technical Mission has begun talks to review Pakistan crumbling tax system.Tax system review will come under discussion which could not demonstrate considerable performance in the current year despite Rs 734 billion levy under the head of additional taxes.IMF Mission will particularly discuss the matter of exemption to tax payers against income tax and sales tax .Sources said matter of massive tax exemption is also on the radar of Prime Minister (PM) Debt Inquiry Commission.The commission has summoned the details of tax exemption granted to tax payers during the erstwhile tenures of PPP (2008-13) and PML-N tenure (2013-18).According to Federal board of Revenue (FBR) on the first day of the meeting IMF Mission discussed in details with FBR the corporate and income tax matters.
IMF mission will stay in Pakistan for two weeks and it will meet federal and provincial authorities during its stay.
Technical assistants teams meeting will conclude on November 29 and on this day IMF Review Mission will review Pakistan performance under 6 billion Dollars loan program for the period from July to September.It may be mentioned that sales tax constitutes 40 percent of overall tax revenue collection.
Mission focus will remain on less tax recoveries as compared to sales tax, expenses, exemptions and capacity.According to survey of Pakistan. the country had to suffer financial loss to the tune of Rs 972.4 billion during the previous year due to tax exemption.Team will also discuss at length second schedule of income tax ordinance under which concessions have been given to large businesses, judges, generals and bureaucrats.
Team will also review customs duty structure and causes behind less revenue recovery.
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