IMF calls for plan to tax real estate, agri sectors

ISLAMABAD: Along with approving a $3 billion loan for Pakistan, the International Monetary Fund (IMF) has set the conditions for a second review.

Sources say that the IMF has asked the government of Pakistan for a plan to impose taxes on real estate and agricultural sector.

According to the sources, the IMF has said that the property sector and agriculture sector should be taxed to increase the revenue. According to sources, the IMF says that Pakistan has the potential to increase revenue from the property sector and agriculture sector.

Sources say if the FBR plan is approved by the IMF, the mini-budget can come, but the decision to impose taxes on the property sector and agriculture sector will have to be taken by the new government.

According to the sources, assistance will be taken from the World Bank to levy taxes on the property sector and agriculture sector. It should be remembered that a few days ago, Pakistan received the first installment of $1.2 billion from the IMF. In this regard, IMF officials say that Pakistan will have to implement the conditions of the agreement for economic stability. Prime Minster Shehbaz Sharif has also assured IMF MD that agreement would be implemented in letter and spirit.