Islamabad: The Pakistani government has presented a plan to the International Monetary Fund (IMF) for collecting taxes through the petroleum levy.
The proposal outlines a target of Rs1,065 billion for FY2024-25, a Rs196 billion increase from the previous fiscal year. In the current fiscal year, Pakistan aims to collect Rs918 billion, exceeding the set target of Rs869 billion. Currently, the government imposes a Rs60 per litre levy on petrol and diesel. In the first quarter of the fiscal year, the federation received Rs222 billion from petroleum levy collection.
Additionally, the government has reportedly assured the IMF of implementing new monthly taxes of Rs18 billion, addressing the IMF's "do more" demands, with plans to impose additional taxes on textile and sugar sectors to compensate for expected tax collection shortfalls.
