ISLAMABAD: Pakistan announced on Thursday that it has resolved all outstanding issues with the International Monetary Fund (IMF), paving the way for a $7 billion loan approval later this month. Finance Minister Muhammad Aurangzeb confirmed that the IMF board is set to finalize the deal by September 25, 2024, marking the start of a 37-month program aimed at stabilizing the country’s economy.
In parallel, the government is preparing new tax measures to boost revenue collection, focusing on existing income tax filers. The Federal Board of Revenue (FBR) is set to introduce stringent amendments targeting individuals and businesses that underreport their assets and income, denying them the ability to purchase new assets if their declared cash balances fall short.
The measures are expected to be implemented by October 1, 2024, as Pakistan grapples with its narrow tax base and the challenge of meeting IMF-agreed revenue targets.
Story by Shahbaz Rana
