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Islamabad: The Standing Committee on Finance and Revenue convened its 8th meeting in Islamabad, chaired by Hon. Syed Naveed Qamar, to deliberate on the government’s commitments to the International Monetary Fund (IMF), revenue measures, and provincial expectations.
According to National Assembly of Pakistan, the meeting addressed the government’s IMF commitments, including fiscal, governance, and monetary benchmarks. The Minister for Finance and Revenue highlighted key achievements such as the cessation of new State Bank credit to the government and adjustments to deposit insurance legislation. Discussions also focused on provincial roles in achieving IMF targets, specifically the reform of agricultural income tax.
Concerns were raised over the potential impacts of increased agricultural income taxes, with suggestions to implement incentivized reduced rates to boost compliance. The Finance Minister assured ongoing collaboration with provincial authorities to enhance tax compliance and broaden the tax base.
The Chairman of the Federal Board of Revenue (FBR) reported on revenue shortfalls and strategies to address them. The committee requested further briefings on structural benchmarks and performance criteria in future meetings.
The session concluded with a commitment to collaborative efforts in meeting fiscal objectives and strengthening the economy, attended by various members of the National Assembly and senior government officials.
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