Shaukat Tarin claims IMF has asked Pakistan to impose more taxes of Rs440 bln

Islamabad: The International Monetary Fund (IMF) has asked the Pakistani government to impose more taxes of Rs440 billion, former finance minister Shaukat Tarin said Thursday. 

Speaking on the floor of the Senate, he saidthe actual budget would be unveiled now.

The PTI leader said the Upper House of the Parliament was fulfilling formalities by debating the budget as the “actual budget” would be presented in the National Assembly after it is tuned in line with the IMF’s demands.

Tareen asked the imported government to explain how the 28% growth rate could come to 11.5% with this budget. 

The former finance minister said there was a gap of Rs490 billion in the budget due to subsidies.

The statement came hours after Finance Minister Miftah Ismail revealed in a press conference that the coalition government had imposed taxes on the rich in the budget for the next FY23.

Miftah said another 1% supertax would be imposed on people earning more than Rs150 million, 2% on income of more than Rs200 million, 3% on people earning more than Rs250 million and 4% on income of more than Rs300 million per annum.

He revealed that he would wrap up the federal budget for the next fiscal year 2022-23 tomorrow with his closing speech in the Lower House of the Parliament.

According to Shaukat Tarin, the government was going to impose a levy of Rs50 on petrol which will bring a storm of inflation