On the second day of talks, IMF expressed concern over the defects in Pakistan’s track and trace system
The IMF mission called for a report on the implementation of the track and trace system, and submitted the report to the Prime Minister’s Office.
IMF gives deadline for full implementation of FBR track and trace system in 5 major sectors
IMF mission and FBR agree to accelerate reform process to increase tax net and curb tax evasion
Blocking process of non-filers is being streamlined, FBRK briefing on second day of talks with IMF mission
ISLAMABAD ( Web News )
IMF has expressed concern over the defects in Pakistan’s track and trace system. Also submitted to the IMF Mission, the IMF Mission and the FBR have agreed to accelerate the process of reforms to increase the tax net and curb tax evasion. On the second day of talks with the International Monetary Fund (IMF) review mission, the Federal Board of Revenue (FBR) took steps to increase the tax-to-GDP ratio and retailers under the Trader Friendly Scheme. A briefing was given about bringing in TaxNet, in which it was stated that the registration of traders under the Trader-Friendly App scheme has been speeded up, so far 2500 traders have been registered. IMF officials were also apprised of the progress being made to bring more than 577,000 non-filers into the tax net. In this regard, it was informed that the process of blocking the names of non-filers is being streamlined. In this regard, a working group consisting of representatives of FBR, PTA and telecom companies is being formed. Apart from this, the International Monetary Fund was also briefed about the track and trace system implemented in 5 sectors including tobacco, sugar, cement and beverages. Concerns have been expressed over the errors, on which the IMF was also informed about the recent action taken against those responsible for the errors in the track and trace system. According to sources, discussions were also held between FBR and IMF mission on tax structure and tax administration. The IMF mission has called for a progress report on the implementation of the track and trace system. Apart from this, the report given to the Prime Minister’s Office has also been submitted to the IMF mission. IMF has given deadline for full implementation of FBR track and trace system in 5 major sectors. According to the sources, the IMF mission has proposed to install the track and trace system in the next financial year. In addition, the IMF mission and FBR have agreed to accelerate the reform process to increase the tax net and prevent tax evasion, after which further negotiations between the IMF mission and FBR officials are also underway. are Plans will be provided to the IMF mission to address revenue shortfalls.