Impose taxes on retailers, real states and agri income, IMF demands

No chance of Pakistan seeking extension of IMF’s standby agreement: Shamshad

Gold prices in Pakistan show significant decline,

ISLAMABAD (Mudasser Chuhdary)_ The IMF has sought imposition of taxation on retailers, agricultural income and the real states in Pakistan.

As per the sources, the Federal Board of Revenue (FBR) had made a plan for the current financial year and would share it with the IMF for the consideration.

The fund wanted to compensate the revenue shortfall after bringing the sectors under tax net while the fund also rejected the plan to fixed taxation on the real estate sector, instructing the provinces to draw a timeline to bring the agricultural sector in tax net.

The fund has been briefed about the current taxation policies while the IMF demanded achievement of the financial year’s target in any case.

The sectors where the tax collection is low, full tax be collected from the sector, the agencies instructed.

Caretaker Finance Minister Dr Shamshad Akhtar on Thursday categorically refuted reports of Pakistan requesting the International Monetary Fund (IMF) to either extend the timeframe of the standby agreement it had reached with it from March to June 2024 or increase its volume from $3 billion to either $3.5,

Talking to 24News, she said that staff-level talks between the two sides, which have been in progress since November 2, will finish on November 15.

On the other hand, experts have said that the government may heave a sigh of relief if the interest rate comes down, especially in the USA, and petroleum prices also drop in the global market.

Otherwise, they have said, foreign financing could become a big threat for Pakistan.

Caretaker finance minister and the IMF’s Mission Chief Nathan Porter held talks this week, both along with their delegations as well as behind closed doors.

Earlier,

As of Thursday, the price for 24-karat gold per tola reached Rs213,000. At the same time, individuals interested in 22-karat gold can secure it at Rs195,250 per tola.

Even for those looking to purchase smaller quantities, the rates remain quite appealing. Presently, 10 grams of 24-karat gold are priced at Rs182,613, while 10 grams of 22-karat gold can be obtained for Rs167,395.

This notable shift in gold prices can be attributed to a substantial drop in the value of the dollar, underscoring the connection between currency values and the price of gold.

On the international stage, gold prices have experienced a downtrend, with the current rate standing at $1,949 per ounce.

It’s essential to keep in mind that gold rates in Pakistan can fluctuate multiple times throughout the day in response to global market dynamics.

These rates are sourced from reliable outlets, primarily located in Karachi and Multan.

For the most precise and up-to-date gold rates specific to your local market, we recommend consulting your nearby gold dealers and jewellers.