ISLAMABAD – The Federal Board of Revenue (FBR) officials have claimed that the IMF is satisfied with a 1.5% improvement in the tax-to-GDP ratio, so there will be no mini-budget, and GST will not be imposed on petroleum products.
According to FBR, the annual tax target of Rs12,970 billion will be maintained, and no GST will be applied to petroleum products. The IMF has expressed satisfaction with tax revenue, and the tax-to-GDP ratio has increased from 8.8% to 10.3%.
Tax collection on agricultural income will begin next year, and further negotiations with the IMF are expected. Discussions are anticipated regarding adjustments to the business-friendly scheme with the IMF.
Sources revealed that Rs12 billion in taxes were collected from retailers in three months, with 400,000 new traders filing tax returns, bringing the number of registered traders from 200,000 to 600,000.
Enforcement has been withdrawn from Customs Intelligence and Investigation, although the Customs Intelligence Department will remain active.
Additionally, the Federal Board of Revenue is set to introduce a Family Income Tax Return soon, which will eliminate many zero-tax income returns, as most of these filers do not fall under the tax eligibility category.
