FBR collection exceeds target set by IMF for first quarter: Shamshad

Acting Finance Minister Shamshad Akhtar addresses a press conference on September 9, 2023.  - APP
Acting Finance Minister Shamshad Akhtar addresses a press conference on September 9, 2023. – APP
  • We are on track for the IMF programme, says Dr Shamshad.
  • He said the IMF would arrive early next month for a review.
  • The minister is expected to get more funds after the review.

KARACHI: Acting Finance Minister Dr Shamshad Akhtar said that the tax collection target of the Federal Board of Revenue (FBR) is higher than the target set by the International Monetary Fund (IMF) for the first quarter of the current financial year. news on Sunday.

Addressing the Korangi Association of Trade and Industry (KATI) in Karachi, the minister said: “We are on track for the IMF programme, and are ensuring its speedy implementation.”

He also hoped that Pakistan would get more funds from multilateral financial institutions after the next tranche is approved from the IMF. The country’s finance chief said the fund’s mission would come early next month and provide updates on progress made on the implementation of its programme.

Dr. Akhtar claimed that economic growth has improved, and pointed out that improved agricultural production will increase GDP by 2% to 3%. He said that industrial activity has still not picked up on a large scale.

The Finance Minister said that the rupee has appreciated by 8% and the interbank dollar rate has stabilized at Rs 279. He attributed the rise in the value of the rupee to administrative measures to curb smuggling as well as border management to stop its outflow.

He also said that improving the regulation of exchange companies also played an important role in that regard, and stressed that it is the responsibility of all institutions to prevent currency misuse, and much work needs to be done to prevent smuggling and illicit transactions. being done.

The minister acknowledged that inflation has not been completely controlled but is on a decline because Pakistan is an open economy and external impacts were immediate, adding that the war in Ukraine has affected oil prices and commodities.

Referring to the interest rate, he said it was set by the State Bank of Pakistan (SBP), and the results were coming in the form of improvement in the country’s current account.

He also talked about the “Economic Reform Plan” to achieve sustainable development and pointed out that small scale industries can also play an important role in economic recovery.

Regarding the capital market, he said that reforms have been made in Pakistan Stock Exchange (PSX) and their impact will also be visible in the coming days. He asked the business community to encourage everyone to take money from stock exchanges instead of banks.

FBR Chairman Amjad Tiwana said work on reform and restructuring of the FBR is underway, and measures are also being taken to broaden the tax base. He said work is underway with other institutions including the National Database and Registration Authority (NADRA) and agreements have been signed with foreign institutions on digitization. He said that against the set target of 0.7 million, 1.2 million new taxpayers were added.

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