Pakistan to Further Expand the Tax Brackets: Suggested by IMF

The International Monetary Fund(IMF) suggested Pakistan to further increase tax in the next fiscal year. Reportedly, the Pakistan Business Council (PBC) and IMF team had a zoom meeting in which IMF team proposed a 34% increase in tax revenue for the fiscal year 2021. However, the Pakistan Business Council is of the view that further increase […] The post Pakistan to Further Expand the Tax Brackets: Suggested by IMF appeared first on Nation Bytes.

Jul 22, 2020 - 16:40 Updated: Jul 22, 2020 - 16:40
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Pakistan to Further Expand the Tax Brackets: Suggested by IMF

The International Monetary Fund(IMF) suggested Pakistan to further increase tax in the next fiscal year. Reportedly, the Pakistan Business Council (PBC) and IMF team had a zoom meeting in which IMF team proposed a 34% increase in tax revenue for the fiscal year 2021.

However, the Pakistan Business Council is of the view that further increase in taxes will suffocate the economy. There should be some positive improvement in the economy first. As, direct hike in taxes likely to worsen the economic condition.

According to the PBC, the IMF has projected 2pc growth in GDP with inflation to remain at 8pc for the next financial year. Meanwhile, the interest rate has been projected at 11pc for next year.

Also Read: Think Tank is Formed by PM to Identify Factors to Boost Economy Amid COVID19 Downturn!

The post Pakistan to Further Expand the Tax Brackets: Suggested by IMF appeared first on Nation Bytes.