The Federal Board of Revenue (FBR) is set to present a comprehensive report addressing “technical issues” during their initial meeting with the International Monetary Fund (IMF), scheduled for this Friday.
The report encompasses a wide array of topics, including revenue targets, the disbursement of refunds, and tax rebates, as outlined in the IMF’s directives during its previous interaction with the Pakistani delegation.
The report highlights the successful achievement of the income tax refund target for the period spanning from July to September.
It’s noteworthy that no “amnesty scheme” was introduced while implementing the IMF stipulations. Under the terms set by the IMF, income tax refund disbursements were to be restricted to Rs250 billion by September 2023. However, the FBR has disbursed Rs200 billion in income tax refunds by the end of September 2023.
Furthermore, the FBR’s report clarifies that income tax refund disbursements are being gradually reduced as per the predetermined plan. Additionally, the board adhered to the loan program’s agreement by refraining from granting any tax exemptions during the initial July to September quarter.
