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IMF Welcomes Tax Reform Progress In Pakistan

by Lorys Charalambous, Tax-News.com, Cyprus

30 June 2015


The International Monetary Fund (IMF) has welcomed the fiscal adjustment plans outlined in Pakistan's 2015/16 Budget.

In a statement released following its seventh review under the Extended Fund Facility (EFF) arrangement for Pakistan, the IMF expressed support for the authorities' plans to broaden the tax base, including by eliminating tax exemptions and concessions.

In a report released in April, the Fund noted that the Pakistani Government's use of Statutory Regulatory Orders (SROs), which grant tax exemptions and concessions, has riddled the tax system with loopholes. It said that at the beginning of this fiscal year the Government eliminated a significant number of SROs and is expected to improve tax collection from that source by about 0.3 percent of gross domestic product (GDP) this year.

However, the IMF said there remains significant scope to increase tax compliance and enforcement.

The completion of the seventh review under the EFF enables the immediate disbursement of about USD506.4m, bringing total disbursements under the arrangement to about USD4.05bn.

TAGS: Pakistan | compliance | tax | economics | tax compliance | fiscal policy | gross domestic product (GDP) | International Monetary Fund (IMF) | enforcement | tax breaks | tax reform

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