AIRLINK 61.08 Increased By ▲ 1.38 (2.31%)
BOP 6.30 Increased By ▲ 0.04 (0.64%)
CNERGY 4.29 Increased By ▲ 0.02 (0.47%)
DFML 15.94 Increased By ▲ 0.24 (1.53%)
DGKC 68.90 Decreased By ▼ -0.30 (-0.43%)
FCCL 17.99 Decreased By ▼ -0.36 (-1.96%)
FFBL 26.70 Decreased By ▼ -0.05 (-0.19%)
FFL 9.12 Decreased By ▼ -0.16 (-1.72%)
GGL 10.16 Decreased By ▼ -0.14 (-1.36%)
HBL 116.30 Increased By ▲ 0.40 (0.35%)
HUBC 114.30 Decreased By ▼ -0.10 (-0.09%)
HUMNL 6.67 Decreased By ▼ -0.13 (-1.91%)
KEL 4.85 Decreased By ▼ -0.04 (-0.82%)
KOSM 4.95 Increased By ▲ 0.30 (6.45%)
MLCF 38.40 Increased By ▲ 0.01 (0.03%)
OGDC 124.05 Decreased By ▼ -1.25 (-1%)
PAEL 21.59 Increased By ▲ 0.03 (0.14%)
PIAA 11.08 Increased By ▲ 0.21 (1.93%)
PIBTL 5.87 Decreased By ▼ -0.15 (-2.49%)
PPL 112.90 Decreased By ▼ -1.20 (-1.05%)
PRL 28.12 Increased By ▲ 0.22 (0.79%)
PTC 10.80 Decreased By ▼ -0.10 (-0.92%)
SEARL 50.20 Decreased By ▼ -1.50 (-2.9%)
SNGP 67.15 Decreased By ▼ -1.11 (-1.63%)
SSGC 11.20 Decreased By ▼ -0.22 (-1.93%)
TELE 7.72 Decreased By ▼ -0.08 (-1.03%)
TPLP 11.53 Decreased By ▼ -0.07 (-0.6%)
TRG 71.90 Decreased By ▼ -0.97 (-1.33%)
UNITY 23.35 Decreased By ▼ -0.20 (-0.85%)
WTL 1.29 Decreased By ▼ -0.01 (-0.77%)
BR100 6,683 Increased By 34.6 (0.52%)
BR30 22,474 Decreased By -95.8 (-0.42%)
KSE100 64,999 Increased By 420.3 (0.65%)
KSE30 22,045 Increased By 156 (0.71%)
Print Print 2023-08-05

Dar explains what actually led to changes in budget

  • Says for securing an agreement with the IMF, the government had to impose new taxes
Published August 5, 2023

ISLAMABAD: Finance Minister Ishaq Dar has stated that changes— imposition of additional taxes of Rs215 billion and a Rs85 billion cut in expenditure in 2023-24—in the federal budget presented on June 9 were made after a discussion with the International Monetary Fund (IMF).

While briefing the National Assembly Standing Committee on Finance on Friday, the minister stated that when the budget was presented it was stated that no new tax would be imposed.

However, he added that for securing an agreement with the IMF, the government had to impose new taxes.

“We had to make changes in the winding-up speech in view of the conditions of the IMF. Some concessions granted on June 9 were taken back in the amended Finance Bill 2023,” he said.

Pakistan will look to impose Rs215bn additional taxes after IMF talks: Dar

Under the IMF programme, giving tax exemptions or preferential tax treatments or amnesty scheme is banned. “ It is banned to grant any new tax exemption till we are in the IMF programme,“ Dar said.

He said that the previous government withdrew from its commitment with regard to the points of agreement with the IMF due to which Pakistan had not been able to get a loan from any institution, including the IMF.

He said that when he arrived at the end of September, the IMF was requested to visit for the review in November but the arrival of the IMF staff mission was delayed and they came on January 31. The staff-level agreement could not be reached in time, which created problems.

The finance minister added that the coalition government combined the seventh and eighth reviews but external financing issues led to a delay in the completion of the review. He said that Pakistan had a Plan-B and the country would not have defaulted even without the IMF.

If they were not in the IMF programme, the government would not have imposed new taxes in the budget, he said.

The meeting was told that the IMF agreement is available on the website of the Ministry of Finance. The Minister of Finance said that it is written in the IMF document that Pakistan will not give any kind of tax amnesty.

The finance minister said that the government successfully persuaded the IMF to agree to the deal. He added that the prices of petroleum products have been increased to complete the 7th and 8th reviews of the IMF. This is Pakistan’s 23rd programme with the IMF. Tehreek-e-Insaf took the 22nd programme from IMF but it did violate the agreed terms and conditions, he added.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Kaiser Aug 05, 2023 09:57am
Crooks and their sponsors..the compromised generals have messed up the dream of Pakistan.
thumb_up Recommended (0)
Abid Ullah Aug 05, 2023 01:11pm
@Abdullah, Every one is not like you but if U think like this it's mean U r a patwari.
thumb_up Recommended (0)
Abid Ullah Aug 05, 2023 01:13pm
I think U belongs to patwari tribe
thumb_up Recommended (0)
ZEKIKHAN Aug 05, 2023 04:22pm
DAR IS RELATED TO NAWAZ SHARIF // NOBODY CAN REMOVE HIM // MUFTAH ISMAEL IS A BETTER FINANCE MINISTER BUT WAS KICKED OUT BECAUSE NOT RELATED
thumb_up Recommended (0)