Daily Times

The Pakistan government has shared a plan with the International Monetary Fund (IMF) for the collection of taxes on account of petroleum levy.

According to the details, the Government of Pakistan has presented a plan to the IMF for the collection of Rs1,065 billion through petroleum levy in FY2024-25, which is Rs196 bln, higher as compared to FY2023-24.

Pakistan is expected to collect Rs918 bln through petroleum levy in the current fiscal year, which will be Rs49bln higher as compared to the set target of Rs869 bln.

At present, the Pakistan government is charging a Rs60 per litre levy on petrol and diesel.

The federation received Rs222 billion in the first quarter of this fiscal year on account of petroleum levy collection. Earlier it emerged that the Pakistan government reportedly assured the International Monetary Fund (IMF) of imposing new taxes worth Rs18 billion, monthly.

The sources say the development comes after “do more” demands of the International Monetary Fund.

The government has assured the IMF of slapping additional taxes on textile and sugar to meet the expected shortfall in tax collection.

Special audit: The Pakistan government has decided to conduct a special audit of various departments to improve their performance, a private TV channel reported on Monday. According to details, the Pakistan government assured the International Monetary Fund (IMF) of uplifting the performance of its departments and introducing transparency. According to an official document, Pakistan has shared its plan for a special audit with the international lender. The caretaker government has directed the Auditor General of Pakistan (AGP) for a special audit.

Sui Southern Gas Company, Hyderabad Electric Supply Company (HESCO) and Peshawar Electric Supply Company (PESCO) and other state departments will be audited. Earlier it emerged that the Pakistan government reportedly assured the International Monetary Fund (IMF) of imposing new taxes worth Rs18 billion, monthly.

The sources say the development comes after “do more” demands of the International Monetary Fund.

The government assured the IMF of slapping additional taxes on textiles and sugar to meet the expected shortfall in tax collection.