FBR Discovers Tax Evasion Amounting to Rs.300 Million by Company Based in Islamabad

The Ministry of Finance is currently engaged in discussions with the International Monetary Fund (IMF) regarding securing a fresh three-year loan under its Extended Fund Facility Program.

Reports from sources suggest that there’s a potential for signing a substantial $8-10 billion program with the IMF following the conclusion of the current one on March 31st, 2024.

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Sources indicate that the Ministry of Finance is working towards obtaining a new three-year loan program under the Extended Fund Facility from the IMF. Prior to finalizing this agreement, the Ministry of Finance aims to assure the IMF of its commitment to meeting all conditions stipulated under the new loan program. IMF proposals for the federal budget 2024-25 will be submitted to the Ministry of Finance in due course.

FBR uncovers tax evasion totaling Rs. 300 million by Islamabad-based company.

It is anticipated that under the terms of the proposed loan program, there will be increases in electricity and gas prices, while subsidies are expected to be further reduced. Sources suggest that the terms of the new loan program are likely to be stricter compared to the existing standby arrangement.

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