The IMF will review the performance of the FBR

The IMF Will Review the Performance of the FBR under the Standby Agreement

The Federal Board of Revenue will resume virtual talks with the International Monetary Fund on Monday, August 28 to review the revenue collection performance in the first two months of an overview of the current fiscal year and projections for the future. According to the report, the IMF team will discuss the FBR's performance and the revenue measures taken in March, after which more tax measures will be taken in the final budget. The IMF will brief the team on the income performance of the first two months, July and August. An amount of 3 billion dollars was approved.

Standby Agreement

According to the official, the meeting is part of the standby Agreement on revenue performance. According to the official, the FBR has collected Rs 4 billion more than its revenue target for the month of July 2023, while the expected target for this month was Rs 434 billion. The official added that the FBR, in the month of August is also on track to meet its target, and the revenue collection figures for this month are expected to be released in the coming days. There is a slight increase due to an increase in retail prices which in turn increases revenue collection.

Record Inflation

He said that we are getting maximum revenue due to record inflation. Revenue collection in July has increased by 16.6 percent compared to the same month last year. FBR paid 49 billion rupees in the form of refunds during the month under review, similarly, there is a significant growth of 30 percent in direct taxes during the current month. A revenue collection target has been presented. Based on the expected economic growth of 3.5 percent, average inflation of 21 percent, and some revenue measures, the government hopes to achieve a revenue target of 30 percent higher for the current fiscal year and revenues. 176 billion rupees in 2023-2024 from autonomous growth, GDP growth and inflation.

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Tax Measures for the Financial Year 2024

The total of new tax measures for FY 2024 now stands at Rs 948 billion, excluding all taxes of Rs 500 billion introduced in the mid-February mini-budget, plus revenue measures announced in the budget speech at Rs 223 billion. At the end of the budget speech on June 24, another 215 billion rupees worth of new taxes were imposed. In FY 2023, the FBR's annual budget recovery target was reduced by about Rs 522 billion, or 8.83 percent.

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