Islamabad [Pakistan], November 2 : The International Monetary Fund (IMF) has called on Pakistan to introduce a mini-budget after the nation's Federal Board of Revenue (FBR) failed to meet its tax collection targets, as reported by ARY News, citing sources on Saturday.
According to the sources, the FBR's shortfall has raised concerns about potential issues in securing the second installment of the loan, ARY News reported.
Whereas, the IMF is particularly worried about the FBR's inability to achieve its tax goals, viewing the mini-budget as a crucial measure to address the revenue gap.
The government is anticipated to unveil a minibudget of approximately PKR 500 billion to tackle this shortfall, ARY News reported, citing sources.
Additionally, the FBR's failure to meet its targets has resulted in significant personnel changes within the organisation, with several senior officials being replaced.
Meanwhile, the FBR has confirmed that there will be no further extensions to the income tax return filing deadline, which expired on October 31 after two prior extensions, ARY News reported.
As of now, FBR officials stated that over 5.01 million returns have been filed, generating more than Rs 125 billion from this process. Officials stressed that individuals earning Rs 50,000 per month are required to submit income tax returns, and those who do not will be designated as non-filers or late filers.
Non-filers will face several penalties, including restrictions on international travel, blocked mobile phone SIM cards, and possible disconnections of electricity and gas services, according to officials, as reported by ARY News.
Earlier on September 27, Pakistan received the first tranche of the IMF loan after the IMF Executive Board approved a 37-month Extended Fund Facility totalling USD 7 billion.
The State Bank of Pakistan (SBP) received SDR 760 million, roughly equivalent to USD 1.03 billion, as this initial installment from the IMF on Friday, the SBP stated.
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