ISLAMABAD – The government has started implementing the decisions taken by the International Monetary Fund (IMF).
Sources said that as per the decision taken by the IMF, the amended finance bill will be presented in the next meeting of the cabinet.
Schedule 6 will be abolished in the amended Finance Bill. With the abolition of Schedule 6, tax concessions of Rs. 350 billion will be abolished.
According to sources, the target for petroleum development recovery will be reduced from Rs 600 to Rs 356 billion.
According to sources, it is proposed to give the power to increase or decrease the petroleum levy to Prime Minister Imran Khan.
The amended Finance Bill proposes to increase the tax collection target for the current financial year from Rs. 5800 billion to Rs. 6100 billion.
According to sources, the proposal to reduce the development program by Rs 200 billion is also part of the amendment bill.
Pakistan has to implement these measures for an installment of more than 1 billion from the IMF, before January 12, 2022 to implement the terms of the IMF.
