Pakistan to pass tax-laden budget ahead of fresh IMF loan
ISLAMABAD - Pakistan's parliament moved to pass the government's tax heavy finance bill on Friday for the coming fiscal year even as annual inflation was projected to rise to as much as 13.5% for June.
The government presented the national budget on June 12 with a challenging tax revenue target of 13 trillion rupees for the year starting July 1, up about 40% from the current year, to strengthen the case for a new rescue deal with the International Monetary Fund . The rise in the tax target is made up of a 48% increase in direct taxes and a 35% hike in indirect taxes over revised estimates of the current year. Non-tax revenue, including petroleum levies, is seen increasing by 64%.
Pakistan's central bank has also warned of possible inflationary effects from the budget, saying limited progress in structural reforms to broaden the tax base meant increased revenue must come from hiking taxes.Scan QR code to install app
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