According to the revelations made by Finance Minister Miftah Ismail on Saturday, the International Monetary Fund (IMF) is still dissatisfied with the government over the budget, primarily because the government did not execute the Personal Income Tax (PIT) measures indicated by the IMF.
Miftah Ismail, while speaking at the post-budget news conference held in the P-Block Auditorium, stated that there has been no development on the International Monetary Fund (IMF) front recently.
He admitted that there was no alternative to taking more difficult decisions than what was required. Moreover, he stated that additional adjustments to the budgetary allocations would be made after 15 days.
The government did not increase the tax rate on monthly income salaries earning more than Rs100,000 per month, but it did take measures to levy greater taxes on property and on wealthy people. The government also implemented a fixed tax program for merchants, under which the latter was given the option of paying between Rs3,000 and 10,000 per month in taxes, and the FBR was tasked with bringing an additional 2.5 million shopkeepers into the tax net.