Another condition of the IMF fulfilled; Approval of tax exemption from the National Assembly is mandatory
ISLAMABAD: Pakistan has assured the International Monetary Fund (IMF) to implement the conditions of not giving tax amnesty scheme and tax exemption without the approval of the National Assembly.
This assurance has been given in the Letter of Intent between Pakistan and the IMF. According to the Letter of Intent between Pakistan and IM, the tax amnesty scheme and tax exemption will not be granted without the approval of the National Assembly, while the issuance of SRO for the tax amnesty scheme and tax exemption will be restricted.
According to the sources, it has also been said in the LOI that any sector for tax concession, construction sector and amnesty for disclosure of secret assets will also have to be approved by the National Assembly.
According to the LOI, the provinces will work together for mutual coordination of sales tax, for which the support of the World Bank will be obtained and Pakistan has assured the IMF in the Letter of Intent to implement these conditions.
