IMF sets condition for Pakistan to monitor Industrial growth
ISLAMABAD: In response to the International Monetary Fund (IMF) demand, Pakistan will monitor production in the industrial sector, News reported on Friday.
The Federal Board of Revenue (FBR) has met another condition set by the International Monetary Fund (IMF) by deciding to monitor production in the industrial sector.
The FBR will implement electronic video surveillance to track goods production. It will install digital eye software for this purpose, and a central control unit will provide real-time data to the FBR.
The authorities will analyze production records to take legal action against any violations. Factories must ensure proper monitoring before releasing any goods.
A licensed vendor will install monitoring equipment at the business premises and will be responsible for upgrading the technology over time. The vendor will also have the authority to charge a fee for the installation, according to the FBR.
To implement this system, the FBR has issued a notification amending the Sales Tax Rules of 2006.
Earlier, Pakistan and the International Monetary Fund (IMF) agreed to reduce the tax target by Rs600 billion after the Federal Board of Revenue (FBR) successfully improved the tax-to-GDP ratio.
Sources confirmed that the International Monetary Fund approved the tax reduction, averting the risk of a mini-budget.
Both parties agreed to implement necessary amendments to the current
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