ISLAMABAD: The federal government is considering introducing new taxes in the second half of the fiscal year to address the revenue shortfall faced by the Federal Board of Revenue (FBR).
Officials said the plan was discussed with the International Monetary Fund (IMF) as part of Pakistan’s $7 billion loan program, where new conditions have been outlined for the release of the next tranche.
If the current tax collection target falls short, the government may take additional steps to raise around Rs200 billion, affecting non-filers, solar panel users, and telecom consumers.
Under the proposed measures, the tax on bank withdrawals by non-filers may increase from 0.8% to 1.5%, expected to bring in Rs30 billion.
The sales tax on solar panels could be raised from 10% to 18%, while landline phone bills may see an increase from 10% to 12.5%, adding about Rs20 billion in revenue.
Similarly, the tax on mobile calls could rise from 15% to 17.5%, generating Rs24 billion, and taxes on consumer goods like biscuits, sweets, and chips may go up to 16%, potentially yielding Rs70 billion.
The FBR missed its revenue target by Rs198 billion in the first quarter, against an annual goal of Rs14.13 trillion. To bridge the gap, the government is weighing options such as revising the yearly target or reducing expenditure.
The IMF will closely review these proposed tax measures and their potential to generate revenue before approving the next installment of financial assistance.