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Dr. Miftah Ismail says stalled IMF’s Extended Fund Facility would be revived within a day or two

ISLAMABAD, June 20 (SABAH): Federal Minister for Finance and Revenue Dr. Miftah Ismail Ahmed Memon said on Monday that the stalled International Monetary Fund’s (IMF) Extended Fund Facility (EFF) would be revived within a day or two.

“I am very hopeful that the IMF programme will be revived,” the finance minister said while speaking to journalists after a meeting of the Senate Standing Committee on Finance.

The finance minister told journalists that the government aims at taxing the wealthy and providing relief to the poor through the budget for the fiscal year 2022-23.

“IMF has no relation with the increase in salaries. Also, the tax exemption to the people earning below 1.2 million [annually] will remain in place,” the finance minister said.

Dr. Miftah Ismail, talking about the proposed taxes on property in Senate Standing Committee on Finance, said that once construction begins on an empty plot, it will be exempted from taxes.

“Lay one brick on the empty land and the taxes will be lifted. But we will not impose a tax on anyone who has not acquired the possession of a plot or has not received the permission to start construction on it,” he said.

The finance minister said if a person has been granted permission to start construction on a piece of land and they still do not begin building something on it, then they will have to pay the tax.

When asked whether the prime minister was working on imposing taxes or giving relief to the masses, the minister said: “It depends on the kind of people they are. If they are well-to-do, then taxes will be applicable but the poor will be provided relief.”

Meanwhile a meeting of the Senate Standing Committee on Finance, Revenue and Economic Affairs was held here at Parliament House under the chairmanship of Senator Saleem Mandviwala.

The meeting was attended by Federal Minister for Finance Dr. Miftah Ismail, Minister of State for Finance Dr. Aisha Ghous Pasha, Senators, Talha Mahmood, Mohsin Aziz, Zeeshan Khanzada, Saadia Abbasi, Anwarul Haq Kakar, Dilawar Khan, Shaukat Fayyaz Ahmad Tareen, Chairman FBR and senior officials from Ministry of Finance.

Officials of Pakistan Pharmaceutical Association informed the Federal Minister of Finance about their concerns regarding non-payment of sales tax refund.

Finance Minister Miftah Ismail expressed his commitment to resolve the issue of refunds as soon as possible. The Committee reviewed and finalized the budget recommendations made in the previous meetings of the Committee, regarding Finance Bill 2022-23. A detailed report containing the budget recommendations made by the Standing Committee will be presented in the Senate session.