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IMF asks Pakistan to raise Rs430bn in taxes

Two days after the start of virtual talks with the International Monetary Fund regarding the upcoming fiscal budget, the Federal Board of Revenue (FBR) on Friday set a tax target of Rs14,305 billion for the upcoming fiscal year. According to a document, due to the FBR’s growth rate and inflation, tax revenue is expected to remain at Rs13,275 billion, while over Rs1,030 billion can be collected through enforcement and policy measures. It is worth noting that the FBR missed its collection target in the first 10 months of the current fiscal year by nearly Rs831 billion. The huge gap is believed to be due to decline in the overall import volume and inflation dropping below expectations. According to the data, the FBR collected Rs9.299 trillion in July-April FY25 against the budgetary target of Rs10.130tr. Earlier, the IMF urged Pakistan to increase tax revenues by Rs430 billion to set an ambitious Rs14.3 trillion tax collection target for the upcoming 2025-26 federal budget, says in media reports. This recommendation was made during the second round of virtual negotiations between the IMF and the government, where detailed discussions centered around revenue targets and fiscal policy. The IMF emphasized the need for urgent action to broaden the tax base, including swift resolution of tax-related court cases and the implementation of stronger enforcement measures. The Fund proposed a significant increase in tax revenue, suggesting that Pakistan set a tax collection target of Rs 14.3 trillion for the next fiscal year with an additional taxes of Rs 430 billion to be generated through new taxation measures. IMF also suggested that Rs600 billion can be raised solely through enforcement actions. Separately, Indian Defence Minister Rajnath Singh said Friday the IMF should reconsider $1 billion loan to Pakistan alleging it was “funding terror”, a move denounced by Islamabad as proof of New Delhi’s desperation. “I believe any economic assistance to Pakistan is nothing less than funding terror.” Despite India’s objections, the IMF’s Executive Board last week approved a loan programme review for Pakistan, unlocking a $1 billion payment which the State Bank of Pakistan has already received. A fresh $1.4 billion loan was also approved under the IMF’s climate resilience fund.

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