Non-filers will be barred from purchasing vehicles, property
ISLAMABAD – The federal government on Monday assured the International Monetary Fund of taking strict action against non-filers in the upcoming budget.According to the report, Pakistan ’s economic team for the second phase of budget negotiations with the IMF includes officials from the Ministry of Finance, FBR, Planning Commission, Economic Affairs Division, and the Ministry of Petroleum.
The report said the final negotiations with the IMF delegation will be held on revenue and expenditures. Discussions will also include the proposal to reduce the income tax rate for salaried individuals. The government aims to make annual salaries of Rs1 to 1.2 million tax-free. The report further stated that the FBR will seek to provide income tax relief on the prime minister's directive. The negotiations will continue until May 23, and all budget proposals will be finalised by May 22. The government has assured the IMF of stricter measures against non-filers. Non-filers will be barred from purchasing vehicles and property and will not be allowed to conduct financial transactions.The report further said that there would be no relief for non-filers in the new budget; instead, stricter policies will be introduced. Work is underway to eliminate the non-filer category from the tax system. The IMF was briefed that the trader-friendly scheme could not meet its targets. Positive results have emerged from increasing the withholding tax on unregistered shopkeepers, with a 51% increase in the number of filers among traders and wholesalers. Third-party data analysis of tax defaulters is ongoing. Measures are being taken to make the tax system more effective. Compliance risk management systems have been activated in Islamabad, Karachi, and Lahore, and this system will be extended to corporate tax units as well. Policy-level negotiations between Pakistan and the IMF on the upcoming fiscal year 2025-26 are ongoing. Final talks on revenue, expenditures, and budget estimates are to be held with the delegation. The IMF delegation will remain in Islamabad until May 22 for budget-related talks. Officials from the Ministry of Finance, FBR, and Planning Commission are participating in these discussions.Dollar edges lower after US credit downgrade, Aussie pares losses before RBAPSX goes strong at 120,000 points amid positive developmentsPrime Minister Shehbaz Sharif contacts Bilawal Bhutto
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