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Sat, 18 May 2024 06:02:25 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.6 https://diginews.live/wp-content/uploads/2025/08/cropped-DN-32x32.png imf – DigiNews.Live https://diginews.live 32 32 Sinister requests. https://diginews.live/sinister-requests/ https://diginews.live/sinister-requests/#respond Sat, 18 May 2024 06:02:23 +0000 https://diginews.live/?p=2951 The financially challenged government initiated discussions with the IMF this week to secure a more substantial and extended bailout. It is widely acknowledged that the continued interaction with the IMF will pose challenges, despite expectations for a more streamlined negotiation process compared to previous encounters. However, the reports regarding the demands made by the Fund […]

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]]> Sinister requests.

The financially challenged government initiated discussions with the IMF this week to secure a more substantial and extended bailout. It is widely acknowledged that the continued interaction with the IMF will pose challenges, despite expectations for a more streamlined negotiation process compared to previous encounters.

However, the reports regarding the demands made by the Fund and the alternative proposals put forth by the authorities appear to be quite concerning for the average Pakistani household and salaried classes. For instance, according to a report in this newspaper, the government is contemplating the implementation of a “carbon tax” on petroleum and similar products. This additional levy will be imposed alongside the existing petroleum levy of Rs60 per litre on fuel. The report cites anonymous sources who promote the proposed carbon levy as a means to access global green finance, as well as secure cheaper loans and grants from multilateral institutions.

In reality, the purpose of this levy is to generate revenue for the federal government, much like the petroleum levy that was initially introduced in 2009 to modernize the petroleum supply chain and refineries. Furthermore, there are other revenue proposals that seek to further burden the salaried classes by reducing the highest taxable income limit.

These suggestions form part of the government’s strategy to achieve an IMF target of increasing tax revenues by approximately Rs2tr, surpassing the expected collection by the end of FY24, in the upcoming fiscal year. Additionally, pensions exceeding Rs100,000 per month and income from pension funds may also be subject to taxation in the next budget, as the IMF urges the authorities to raise the tax-to-GDP ratio by at least 3 percent to around 12 percent over the three-year duration of the next program. However, there are indications that the government’s determination to directly tax all incomes, regardless of their source, is waning, despite plans to broaden the tax base by transforming GST into a genuine value-added tax. The focus appears to be shifting towards indirect taxes, which are easier to collect despite their inflationary impact.

The current fiscal position of the federal government is unsustainable, and it is in dire need of increasing its revenues to reduce future borrowing and repay its existing debt. Nevertheless, it granted tax concessions amounting to Rs2.24tr during the previous fiscal year, equivalent to 36.4 percent of the total FBR collection in FY22. This figure does not include the estimated losses resulting from provincial tax concessions. There is no indication of these exemptions being revoked for influential interest groups, including businesses.

Considering that low- to moderate-income households are already struggling under the weight of heavy direct and indirect taxes, with their purchasing power eroded by high inflation, it is crucial for the government to reconsider its tax policy and focus on taxing those who are currently evading or contributing significantly less than they should be.

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]]> https://diginews.live/sinister-requests/feed/ 0 IMF calls for the expansion of programs to reduce poverty. https://diginews.live/imf-calls-for-the-expansion-of-programs-to-reduce-poverty/ https://diginews.live/imf-calls-for-the-expansion-of-programs-to-reduce-poverty/#respond Fri, 17 May 2024 06:40:52 +0000 https://diginews.live/?p=2945 The IMF team requested an increase in poverty alleviation and social protection programs during negotiations with Pakistan for a new loan program. The IMF team specifically asked the government to improve the Benazir Income Support Program (BISP) by expanding coverage, increasing transparency, and enhancing administrative efficiency. They also suggested more funding for cash transfer programs […]

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]]> IMF calls for the expansion of programs to reduce poverty.
  1. Islamabad:
    During current talks for a new loan program, the IMF urged Pakistan to increase its poverty reduction initiatives.

The IMF team requested an increase in poverty alleviation and social protection programs during negotiations with Pakistan for a new loan program.

The IMF team specifically asked the government to improve the Benazir Income Support Program (BISP) by expanding coverage, increasing transparency, and enhancing administrative efficiency.

They also suggested more funding for cash transfer programs that benefit the poor.

Sources mentioned that the IMF stressed the need to boost the budget for cash transfers to pro-poor programs as much as possible.

During discussions with the IMF, Pakistani officials stated that Rs472 billion would be allocated to the BISP this year.

They confirmed that BISP beneficiaries would be protected from future electricity tariff increases through the cash transfer system.

The IMF team was informed that the goal was to have 20 million households registered in a fully operational database by September.

Officials also informed the IMF review team that the number of BISP beneficiaries had reached 9.3 million.

This year, an additional 300,000 families have been included in the Kafalat Programme. Additionally, 900,000 families have been registered in the health cash transfer programme. The official also informed the global lender’s delegation that 1.9 million children have been included in the education cash transfer programme. Furthermore, they mentioned that more funds will be allocated for social security programmes in the upcoming financial year.

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]]> https://diginews.live/imf-calls-for-the-expansion-of-programs-to-reduce-poverty/feed/ 0 A proposal for a carbon tax on fuel has been put forward in order to appease the IMF. https://diginews.live/a-proposal-for-a-carbon-tax-on-fuel-has-been-put-forward-in-order-to-appease-the-imf/ https://diginews.live/a-proposal-for-a-carbon-tax-on-fuel-has-been-put-forward-in-order-to-appease-the-imf/#respond Fri, 17 May 2024 04:25:12 +0000 https://diginews.live/?p=2916 ISLAMABAD: The government is considering the implementation of a carbon tax on petroleum and similar items, as part of its efforts to adopt a comprehensive general sales tax (GST) system. This move is being encouraged by the International Monetary Fund (IMF) in order to fully realize the benefits of a value-added tax (VAT) and improve […]

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]]> A proposal for a carbon tax on fuel has been put forward in order to appease the IMF.
  • According to insiders, the relocation is expected to streamline the issuance of green bonds and enable access to more affordable loans from multilateral institutions.
  • There are indications that the withholding tax on bank transactions for non-filers might be increased, as part of a strategy to encourage compliance and expand the tax base.
  • It is anticipated that a fiscal adjustment of Rs1.6 trillion will be achieved through the implementation of additional revenue measures and the privatization of certain assets.

ISLAMABAD: The government is considering the implementation of a carbon tax on petroleum and similar items, as part of its efforts to adopt a comprehensive general sales tax (GST) system. This move is being encouraged by the International Monetary Fund (IMF) in order to fully realize the benefits of a value-added tax (VAT) and improve documentation and digitization.

According to sources, the introduction of a carbon tax could also help in securing international financial support for various aid programs, including green and e-bonds, as well as obtaining cheaper loans and grants from multilateral institutions. The future development program is already being aligned with climate public investment management benchmarks, as per the sources.

The IMF has recommended the reintroduction of a standard GST on petroleum products, along with a petroleum levy of up to Rs60/litre, as part of its broader objectives to transform the existing GST scheme into a universal VAT system that applies to consumption across all sectors of the economy, without any exceptions or preferential treatment.

However, the authorities have proposed either reintroducing the carbon tax or increasing the threshold for the petroleum levy in the upcoming budget, potentially up to Rs100/litre. This is aimed at generating greater revenue from petroleum products, as the proceeds from the carbon tax remain entirely in the federal government’s coffers, unlike the GST which is primarily allocated to the provinces.

According to sources, implementing the carbon tax had proven to be a beneficial measure in terms of gaining international support, earning carbon credits, and obtaining cheaper finances. The revenue generated from this tax could then be allocated towards environmentally-friendly expenditures, which would help replace carbon-emitting practices and reduce greenhouse gas emissions. It was proposed that both the petroleum levy and carbon tax would be implemented simultaneously if a final decision was made.

The officials argued that utilizing federal revenue instruments such as the petroleum levy and carbon tax would be more convenient in terms of collection and addressing financial constraints, as opposed to rebalancing the National Finance Commission (NFC), which had a greater focus on provincial resources in the divisible pool.

Furthermore, with the withdrawal of federal financing for provincial development projects under the public sector development program, the central government would not need to engage in politically sensitive actions, such as undoing fiscal devolution.

These sources also mentioned that the government and the IMF have discussed expanding the size and reach of various social welfare initiatives under the Benazir Income Support Program (BISP), as well as linking monthly stipends to inflation in order to mitigate the adverse effects of high inflation rates. Both parties agree on the importance of improving targeting methods and gradually phasing out beneficiaries through income-generating schemes.

Taxation measures

Officials have stated that the focus of the revenue effort will be on digitization and documentation, using both incentives and penalties. Retailers will be encouraged to voluntarily register under the Tajir Dost Scheme, but those who do not comply will face fines and other punishments through new legal measures in the income tax laws. Non-filers will also face higher withholding tax on bank transactions, potentially increasing from 0.6% to 1% in the upcoming budget.

Last year, a set of measures was introduced in the finance bill but later withdrawn due to concerns of being too harsh and prone to misuse by tax officials. These measures are now being reconsidered for the next year. The 24th IMF bailout is expected to aim for a 3% increase in the tax-to-GDP ratio, reaching around 12% with an annual growth rate of 1%.

To meet the necessary fiscal adjustment of at least 1.5% of GDP, approximately Rs1.6 trillion, additional revenue measures, expenditure rationalization, and privatization will be implemented in the upcoming budget. The finance minister has already announced plans to reform pensions as part of the expenditure rationalization measures, with reduced allocations for development spending.\

The government has committed to the fund to ensure timely adjustments in gas and electricity tariffs from the upcoming fiscal year onwards. Additionally, efforts will be made to reduce energy costs and involve the private sector in tackling circular debt. The continuation of a strict monetary policy and transition to a market-based exchange rate are also part of the plan, along with the reinforcement of social security and State-Owned Enterprises (SOEs). Despite the IMF’s concerns about potential risks due to political instability and geopolitical factors, these measures are aimed at supporting the reform program.

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]]> https://diginews.live/a-proposal-for-a-carbon-tax-on-fuel-has-been-put-forward-in-order-to-appease-the-imf/feed/ 0 The IMF is requesting an additional Rs1.3 trillion through new tax measures. https://diginews.live/the-imf-is-requesting-an-additional-rs1-3-trillion-through-new-tax-measures/ https://diginews.live/the-imf-is-requesting-an-additional-rs1-3-trillion-through-new-tax-measures/#respond Tue, 07 May 2024 09:02:34 +0000 https://diginews.live/?p=2855 The IMF has urged Pakistan to introduce additional taxes amounting to roughly Rs1.3 trillion in the upcoming budget. If agreed upon, this would elevate the Federal Board of Revenue’s annual target to a significant Rs12.3 trillion. The additional taxes amounting to Rs1.3 trillion are equivalent to 1% of the projected size of the economy for […]

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]]> The IMF is requesting an additional Rs1.3 trillion through new tax measures.

The IMF has urged Pakistan to introduce additional taxes amounting to roughly Rs1.3 trillion in the upcoming budget. If agreed upon, this would elevate the Federal Board of Revenue’s annual target to a significant Rs12.3 trillion.

The additional taxes amounting to Rs1.3 trillion are equivalent to 1% of the projected size of the economy for the next year. According to government sources, the International Monetary Fund (IMF) has requested to recover half of these additional taxes from salaried and business individuals.

The IMF has shared its final Tax Diagnostic report with the government, which includes a recommendation to reduce the number of income tax slabs for salaried individuals to four. If accepted, this recommendation would significantly increase the tax burden on salaried and business individuals.

Discussions regarding the IMF’s demand for the Rs1.3 trillion in new taxes will take place during the upcoming mission-level talks for the next bailout package. The government will negotiate with the IMF, particularly regarding the IMF’s insistence on placing additional burden on the salaried class. The excessive taxation on the salaried class has led to the middle-class segment of society having to ration their expenses. In light of the IMF visit, internal discussions on the budget for the fiscal year 2024-25 have begun, as it has been acknowledged that the current fiscal year’s tax collection target of Rs9.415 trillion is no longer attainable.

The government was notified by the tax authorities that the annual target may not be met due to a shortfall of approximately Rs175 billion to Rs200 billion. This amount is currently tied up in legal battles as petitioners have contested the government’s super tax, real estate tax, and windfall gains imposed on commercial banks.

Nearly half of the Rs415 billion in additional tax measures implemented by the PDM government in the previous budget is now entangled in court proceedings, casting a negative light on the budget planning process.

The FBR has informed Finance Minister Muhammad Aurangzeb that it can achieve a 19% increase in tax collection without implementing any additional revenue measures. The expected collection for this fiscal year is approximately Rs9.2 trillion. Without additional revenue measures, the FBR can potentially collect nearly Rs11 trillion in the upcoming fiscal year.

However, in order to raise the FBR’s tax-to-GDP ratio to 10% in the next fiscal year, the target needs to be set at around Rs12.3 trillion.

If the government agrees to the IMF’s request for slightly under Rs1.3 trillion in tax measures, the FBR’s target for the next year will be approximately Rs12.3 trillion. This would require a 33% increase compared to this year’s collection. In absolute terms, the FBR’s collection target could be around Rs3.1 trillion higher than the current fiscal year – a figure that both the IMF and the government aim to extract from an already struggling economy.

The government has deliberated on potential areas for taxation in the upcoming fiscal year. These may include increasing taxes on retailers, eliminating sales tax exemptions on agriculture inputs and machinery, and discontinuing reduced sales tax rates for businesses registered with the FBR through point of sale (POS), as per insider sources.

Garments-related businesses registered with the FBR through POS are currently subject to a 15% sales tax on their sales. The proposal is to raise this to the standard 18%. The tax rate had been reduced previously to incentivize businesses to register with the FBR. In the previous budget, it was raised from 12% to 18%.

The government is considering the removal of tax exemptions and an increase in the tax burden at a time when the FBR is encountering difficulties in meeting its monthly collection targets and the public is grappling with a 25% inflation rate.

The FBR fell short of its 10-month tax collection goal by Rs52 billion, managing to collect Rs7.362 trillion instead of the targeted Rs7.414 trillion. This collection was Rs15 billion lower than the FBR’s own projections, a shortfall that the authorities attribute to the slow approach taken by officials in response to the Prime Minister’s efforts to eliminate compromised and ineffective personnel.

The FBR failed to meet its monthly target by Rs57 billion, only collecting Rs650 billion in April.

During a meeting with a delegation from a foreign bank, Muhammad Aurangzeb emphasized the importance of expanding the tax base and accelerating the digitization process at the FBR, as reported by the finance ministry.

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]]> https://diginews.live/the-imf-is-requesting-an-additional-rs1-3-trillion-through-new-tax-measures/feed/ 0 An IMF delegation is anticipated to arrive in Pakistan, this month for discussions on a fresh loan agreement. https://diginews.live/an-imf-delegation-is-anticipated-to-arrive-in-pakistan-this-month-for-discussions-on-a-fresh-loan-agreement/ https://diginews.live/an-imf-delegation-is-anticipated-to-arrive-in-pakistan-this-month-for-discussions-on-a-fresh-loan-agreement/#respond Sun, 05 May 2024 14:56:24 +0000 https://diginews.live/?p=2719 The lender has confirmed that the International Monetary Fund’s (IMF) delegation will be visiting Pakistan this month to engage in discussions regarding a new program. This visit comes as Islamabad commences its annual budget-making process for the upcoming financial year. Pakistan recently concluded a $3 billion short-term program to prevent a sovereign default. However, Prime […]

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An IMF delegation is anticipated to arrive in Pakistan, this month for discussions on a fresh loan agreement.

The lender has confirmed that the International Monetary Fund’s (IMF) delegation will be visiting Pakistan this month to engage in discussions regarding a new program. This visit comes as Islamabad commences its annual budget-making process for the upcoming financial year.

Pakistan recently concluded a $3 billion short-term program to prevent a sovereign default. However, Prime Minister Shehbaz Sharif’s administration is emphasizing the necessity of a new, longer-term program.

The International Monetary Fund (IMF) mentioned in an email to Reuters that a delegation is scheduled to visit Pakistan in May to discuss the fiscal year 2025 budget, policies, and reforms under a potential new program aimed at benefiting all Pakistanis.

The federal government’s financial year spans from July to June, and the budget for fiscal year 2025, the first under PM Shehbaz’s leadership, must be presented by June 30.

The IMF response to Reuters did not provide specific details regarding the visit dates, program size, or duration.

According to the IMF statement, “Prioritizing reforms at this moment holds more significance than the program’s scale, which will be determined by the reform package and balance of payments requirements.”

Pakistan narrowly avoided default last summer, and its $350 billion economy has stabilized after the completion of the previous IMF program. Inflation has decreased to around 17 percent in April from a high of 38 percent last May. The government is still grappling with a significant fiscal deficit, and while it has managed to control the external account deficit through import restrictions, this has led to stagnant growth. Growth is projected to be around 2 percent this year, compared to negative growth last year. Finance Minister Muhammad Aurangzeb mentioned in an interview with Reuters that Pakistan aims to finalize the details of a new IMF loan in May. The country is anticipated to request at least $6 billion and seek additional financing from the Fund through the Resilience and Sustainability Trust.

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