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IMF says Pakistan has to collect due tax from rich

ISLAMABAD (our reporter): The International Monetary Fund (IMF) has said that the rich class has to pay their liable taxes to bring back on track to the Pakistani economy from crises

The Director Communication/Spokesman of the IMF Ms Julie Kozack told the media briefing . She said that Fund’s program to provide a policy anchor for addressing domestic and external imbalances. The loan Program to provide help to get fresh financing and rollovers from multilateral and bilateral partners

Policy efforts center on the implementation of the fiscal year 2024, appropriate monetary policy aimed at bringing inflation down, she said.

The Director Communication said that the Govt to continue reforms to improve the viability of the energy sector. All of these reforms are ultimately aimed at paving the way for higher, more inclusive and more resilient growth.

The govt has jacked up the energy prices including Petroleum products and electricity in recent months. The authorities have also launched campaign against defaulters and power thieves to minimize the losses. The annual electricity losses was accumulated to Rs.589 billion including technical line losses and power theft.

The Spokesperson said the both parties had envisaged plans to strengthen the public finance management and tax administration efforts. They also wants to and to better prioritize public investment to support social development and climate resilience. The authorities have introduced reforms with support from international development partners.

While referring the interview of the Managing Director of the IMF, she said that she was very clear about what the Fund think is needed in Pakistan. She cleared the position and said that the MD wanted to place the burden on the wealthy segments of society. It is important that the elite class of the country to pay their liable taxes to improve the government revenue.

Yesterday, The Caretaker Finance Minister also pointed out the issue before the law makers. She said that the country is giving tax exemptions worth Rs.1300 billion to the elite class that should liable to pay taxes.

Julie also mentioned the issue of low tax base in Pakistan. She said that the tax to GDP ratio in Pakistan is very, very low and that the poor are protected in society. The poor and the vulnerable members of society are protected.

Pakistan is among the country which are struggling for improve the tax to GDP ratio. Currently, Pakistan have less than 10 percent tax to GDP mainly due to tax exemptions.

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