The international lender, the International Monetary Fund (IMF), is optimistic about Pakistan achieving its highest-ever tax collection in the fiscal year 2023-24.
The Federal Board of Revenue (FBR) is expected to collect a substantial amount of Rs9.4 trillion in taxes during this period. Looking ahead, the IMF forecasts a further increase in tax collection, projecting a significant amount of Rs11.5 trillion for the next fiscal year, 2024-25. This prediction includes Rs4,803 billion from direct taxes and Rs4,114 billion from sales tax.
The lender is hopeful about Pakistan’s ability to meet these tax collection targets, indicating positive expectations for the country’s economic performance. The emphasis is on collecting a significant portion from both direct taxes, which are levied directly on income, and sales tax, which is imposed on the sale of goods and services.
The IMF has praised the economic stability efforts of Pakistan’s caretaker government, often referred to as the Kakar government. The interim government has been recognized for successfully maintaining economic stability through decisive policies. The IMF has specifically commended the caretaker government for its effective measures aimed at stabilizing the economy.
The interim government is expected to continue in power until the general elections in Pakistan, scheduled for February 8. This acknowledgment by the IMF reflects confidence in the economic policies implemented by the interim government, contributing to a stable economic environment in Pakistan.
