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ISLAMABAD: The government has yet not shared the draft of the personal income tax (PIT) reforms with the International Monetary Fund (IMF).

Sources told Business Recorder that the FBR has started virtual meetings with the IMF team, but authorities confirmed that the FBR did not share any draft of Personal Income Tax law with the IMF.

The FBR has prepared multiple drafts of the PIT, but so far the same have not been shared with the IMF. The IMF raised questions over the PM’s Relief Package and the government officials explained it very well to satisfy the IMF team. “The discussions are continuing with the IMF”, an official said on the condition of anonymity.

Critical next steps for ongoing reforms: IMF rearranges structural benchmarks

The IMF also opposed the Tax Amnesty Scheme for the industrial sector. The relief package covering reduction in petroleum prices by Rs 10 per liter and electricity prices by Rs 5 per unit during the remaining period of the current fiscal year was also discussed. During the ongoing virtual meeting between the IMF and Pakistani authorities, the Fund raised several questions on the PM’s relief package, they added.

Copyright Business Recorder, 2022

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