Foreign exchange reserves could fall by $ 11.9 billion, Pakistan's tax revenue fears Rs 895 billion reduction
Loans may be up to 90% of Pakistan's GDP this fiscal Deposits could drop by $ 11.9 billion, while Pakistan's tax revenue is expected to drop by Rs 895 billion.
The government had set an annual tax target of Rs 5555 billion, but after the first review of the IMF, the target was reduced to Rs 5238 billion. In the second review, the IMF agreed to further reduce it to Rs 4803 billion. But after the Corona virus, the IMF has set a tax target for the FBR at Rs 3908 billion by June, 2020.
This is a little over Rs 3832 billion in gross tax revenue for the last financial year.
Thus, the target of revised tax receipts is expected to be less than Rs. According to the report, a target of 10.9% of GDP tax was set for the current financial year 2019-20, but due to economic pressure and a decline in business and industrial activity, the GDP remained unchanged during the current financial year. Expect 9.3% tax receipts.
The IMF estimated Pakistan's tax revenue for the next financial year to be 6.138 trillion ahead of Corona's global outbreak, but after the outbreak situation, the WTO taxed Pakistan's tax revenue for the next financial year 2020-21. 5.101 trillion rupees. It is to be noted that after the rapid spread of the Corona virus in the country, the IMF approved not only one billion eighty million dollars for Pakistan but also reduced all macroeconomic targets, including falling GDP growth. , Budget deficits, especially the primary deficit, rising credit pressure, reduced remittances, exports and investment.
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