ISLAMABAD: Pakistan has given an undertaking to the International Monetary Fund (IMF) that it will not grant further tax amnesties without approval of the National Assembly.
In signed Letter of Intent (LoI) shared with the IMF’s Executive Board, Pakistan has given undertaking in writing that they would not grant any further tax amnesty. The completion of combined 7th and 8th reviews would be done and release of next tranche worth of $1.17 billion would be granted on August 29 in Washington on the basis of this LoI. The government will be bound to seek approval of National Assembly on tax amnesty and granting tax exemptions.
The LoI further gave assurances to the IMF that the Center and provincial governments would move towards harmonisation of GST on goods and services. The GST on goods is the domain of the federal government while GST on services is the jurisdiction of the provinces under the existing constitutional arrangement. Pakistan had sought financial assistance from the World Bank for harmonising the GST. On occasion of every review, Pakistan always give assurances to the Fund staff that it would not grant further tax amnesties.
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