ISLAMABAD: The International Monetary Fund (IMF) has advised Pakistan to present a mini-budget following a revenue shortfall of Rs385 billion recorded between July and December 2024, according to sources.
Prime Minister rejected the IMF’s recommendation, instructing the Federal Board of Revenue (FBR) to address the deficit through alternative measures. The FBR has already shared a detailed plan with the IMF to boost revenue without imposing additional taxes on the public.
Alternative Revenue-Generation Plan
The FBR’s plan focuses on immediate steps to bridge the gap. Key measures include:
- Clearing Containers and Shipments: Stuck goods at ports will be cleared to enhance tax and duty revenues.
- Auctioning Smuggled Goods: Confiscated smuggled items will be auctioned under emergency measures to generate income.
- Enforcing Tax Compliance: Efforts will be intensified to crack down on tax evaders and improve collection from under-taxed sectors.
- Resolving Tax Cases: Pending tax disputes in courts will be expedited to unlock additional revenue.
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Urgent Targets and Implementation
The alternative measures aim to ensure the FBR meets its ambitious tax collection target of Rs960 billion for January. The government is prioritizing the plan’s implementation before the IMF delegation’s upcoming visit to Pakistan.
The FBR expects the measures to address the revenue shortfall and stabilize finances by March 2025.
Despite IMF pressure, Pakistan remains committed to avoiding a mini-budget. Instead, it aims to balance economic stability and public welfare through effective revenue-enhancement strategies.
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