Pakistan

IMF not happy with income tax move: Miftah Ismail

ISLAMABAD: Finance Minister Miftah Ismail Saturday disclosed that the International Monetary Fund (IMF) was not happy with the budget, mainly because the government did not implement Personal Income Tax (PIT) measures suggested by it.

Addressing the post-budget news conference here at P-Block Auditorium, he said there was no development on the IMF front at the moment.

He admitted that there was no other choice but to take more tough decisions. He said further changes would be made in budgetary allocations after 15 days.

The government did not jack up the tax rate on monthly income salary earnings of Rs100,000 per month, but took measures to slap increased taxes on property and wealthy people. The government also introduced a fixed tax scheme for retailers by offering them to pay Rs3000 to 10,000 per month and the FBR would bring 2.5 million [2,500,000] retailers into the tax net.

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