Pakistan resolves IMF issues to unlock $7 billion loan

Pakistan on Thursday announced that it had amicably resolved all outstanding issues with the International Monetary Fund paving the way for the approval of the $7 billion loan this month, as it is also set to further tighten the noose around the necks of existing taxpayers after retreating against the traders. The government has prepared amendments to deny the existing filers of the income tax returns the right to purchase assets if the value of their declared cash balances and income is less than the cost of the new assets. The step is being taken after the new Federal Board of Revenue chairman analysed the data of the existing less than six million filers of the income tax returns for the tax year 2024. It turned out that hardly 45,000 Pakistanis out of the six million income tax returns filers were showing annual income of more than Rs10 million.