Petroleum Lavy raises to Rs 60 on IMF demand by Govt of Pakistan

Petroleum Lavy raises to Rs 60 on IMF demand by Govt of Pakistan

Petroleum Lavy raises to Rs 60 on IMF demand by Govt of Pakistan

The government of Pakistan is going to raise the Petroleum Development Lavy (PDL) by Rs 60 on the demand of the International Monitory Fund (IMF).

According to Sources and news channels the government is taking an initiative to enhance petroleum Lavy to meet IMF demands and to meet with the economic situation of Pakistan. The enhancement in PDL will be passed from parliament to the Federal Cabinet and Petroleum Lavy will be increased from Rs 50 to Rs 60 in the upcoming Financial bill for the next Fiscal Year.

IMF wants reduction in Government Expenditure

The International Monitory Fund (IMF) intends to cut down the expanses of the Federal Government and Provincial government in Pakistan to control the economic crises and stabilize the Economic Instability. Therefore IMF, in its new contract with Pakistan, demanded to reduce government expenditures to Control the economic Instability of the country.

IMF seeks to achieve the target of 10,000 Billion from the Government of Pakistan in the form of tax revenue as informed by the reliable Sources. Therefore it is expected that the government may impose new taxes to meet the target set by the IMF.

IMF wants 9th and 10th review of the loan package jointly from Pakistani government but Pakistan seeks to conclude the 9th review of the bailout IMF Package independently.

The sources also updated that IMF has demanded FBR to widen the scope of Tax Collection in Pakistan including the target of achieving FBR tax collection of Rs. 10000 Billion and enhance the recovery of income tax to make it possible for the government to collect the maximum tax in the fiscal year 2023-24.

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