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Has IMF asked Pakistan to raise taxes on salaried class?

04:27 PM | 16 Dec, 2023
Has IMF asked Pakistan to raise taxes on salaried class?
Source: File Photo

KARACHI – The International Monetary Fund (IMF) has rubbished media reports that the global lender has asked Pakistan to increase taxes on salaries and business income and jack up levy on petroleum products. 

The response comes after several media reports claimed that the IMF has asked the Pakistani authorities to reduce the tax slabs for both salaried and business class to four from seen in order to increase tax collection. 

IMF’s resident representative in Pakistan Esther Perez Ruiz said there were no such plans at this time. 

Earlier in July, the IMF approved much-needed loan programme for Pakistan, helping it avoid looming debt default. 

Under the $3 billion standby arrangement (SBA), Pakistan received $1.2 billion from the global lender as the first tranche in July.

Pakistan is grappling with declining foreign exchange reserves, balance of payment crisis and other financial issues. However, the caretaker government is taking measures to put the economy on track. 

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Currency Rates in Pakistan - Pakistani rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 June 2024

Pakistani currency rates against US Dollar and other currencies on June 22, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.6 for buying and 280.75 for selling.

Euro's buying rate stands at 297 and selling rate is 299.5 while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.75.

Currency Rates in Pakistan

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.7 280.85
Euro EUR 294.3 297.9
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 75 75.8
Saudi Riyal SAR 72.85 73.6
Australian Dollar AUD 182.2 184
Bahrain Dinar BHD 740.98 748.98
Canadian Dollar CAD 202 204
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.15 40.55
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 908.7 917.7
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.98 172.98
Norwegians Krone NOK 26.38 26.68
Omani Riyal OMR 723.75 731.75
Qatari Riyal QAR 76.53 77.23
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.68 26.98
Swiss Franc CHF 315.21 317.71
Thai Bhat THB 7.59 7.74

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