Failure to meet tax targets: public faces Mini-Budget

The IMF has demanded a mini-budget following the FBR’s failure to meet tax targets. During virtual negotiations, the IMF rejected FBR’s request for a revision of tax targets. Sources indicate that this shortfall may also pose challenges to the release of the IMF’s second installment.

In response to the failure to meet tax targets, major changes have been made within the FBR, including the reassignment of 18 officials, among them 4 board members. The estimated shortfall for the coming months stands at 500 billion PKR, prompting the government to consider introducing a minibudget.

Prime Minister Shehbaz Sharif has also requested a performance report from the FBR chairman. Meer Badshah has been removed from Inland Revenue Operations, while Tariq Arbab has been relieved of his position as Member Legal. Hamid Atiq Sarwar has been appointed as the new Member of Inland Revenue Operations, and Najeeb Ahmed Memon has been appointed as the new Member of Inland Revenue Policy.

Additionally, the FBR is considering introducing an ordinance to enforce the collection of 60 billion PKR to address the tax shortfall.