Stories

Revenue shortfall to be met with more taxes

Pakistan has committed with the International Monetary Fund to further increase gas prices before February 15th — third raise in one year — and also stands ready to impose additional Rs18 billion per month taxes including Rs5 per kilogram levy on sugar.

The additional taxes, having an annual impact of Rs216 billion, would be imposed only if the government’s income from the Federal Board of Revenue and other sources falls short of the agreed targets, according to a report that the IMF released on Saturday. Caretaker Finance Minister Dr Shamshad Akhtar has given the commitments to the IMF.