Wednesday, February 19th, 2025

Pakistan faces PKR 385 billion revenue deficit for July-December period




Pakistan is facing a revenue shortfall of PKR 385 billion between July and December 2024, ARY News reported on Wednesday, quoting sources.

According to ARY News, the International Monetary Fund (IMF) has recommended that Pakistan implement a mini budget to bridge the gap, but Pakistani Prime Minister Shehbaz Sharif has rejected the suggestion. Instead, he/she has directed Pakistan’s Federal Board of Revenue (FBR) to find alternative measures to deal with the shortfall.

In response, the FBR has proposed a comprehensive plan to raise revenues without imposing new taxes on the public, including prioritizing the clearance of containers and shipments stuck at ports to boost tax and duty revenues, as well as expediting Auctioning is also included. The smuggled goods were seized, ARY News quoted sources as saying.

The scheme also focuses on strengthening efforts to combat tax evasion and increase tax collection from low-tax sectors. Additionally, tax disputes pending in the courts will be expedited, ARY News reported.

The FBR aims to implement these measures before the IMF delegation’s visit to Pakistan and has set a challenging target of PKR 960 billion in tax collections for January, reports ARY News quoting sources.

The alternative plan is expected to be fully implemented by March to mitigate the revenue shortfall.



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