ISLAMABAD: The agreement reached between the International Monetary Fund (IMF) and the government Pakistan.
The IMF and Pakistan brokered a staff-level agreement after following successful talks over budgetary estimates and other financial policies.
The development came in the late-night talks between the IMF and finance ministry officials led by Minister Miftah Ismail.
According to IMF officials, talks are underway between the Fund and the Pakistan government and both sides have so far agreed to budgetary estimates for the next fiscal year.
The total outlay of the budget for FY 2022-23 will now be Rs9900 billion, Rs400 billion more than the one tabled before the National Assembly,” they said.
Sharing further terms agreed with the Fund, they said petroleum levy will be hiked Rs 5 per month in a phase-wise manner until it reaches Rs50 per litre.
“The tax collection target for FY2022 now stands at Rs7445 billion,” they said.
The sources said that the income tax collection will be hiked to Rs55 billion in the fiscal year, imposing 2.5 percent of tax on those earning between Rs600,000 and 1,200,000.
“Those having an income of Rs150 million will pay one percent tax while two and three and four percent taxes will be charged on annual incomes of Rs200 million, Rs 250 million and Rs300 million respectively,” they said.
In addition, the revenues from customs and general sales tax have been raised to Rs1005 billion and Rs3300 billion against their previous targets of Rs950 billion and Rs3008 billion respectively.