Pakistan: No plans to impose new taxes on agriculture, real estate sectors, Finance Minister assures countrymen

Pakistan’s Finance Minister Dar says there is no plan to impose new taxes on agriculture, real estate sectors. Finance Minister Ishaq Dar assured that there is no plan to impose new taxes on agriculture and real estate sectors. Dar said in the National Assembly that I want to say clearly that no new tax will be imposed on agriculture or real estate. We have taken great pains to meet the IMF conditions. The International Monetary Fund (IMF) board approved a $3 billion bailout program for Pakistan, of which $1.2 billion was disbursed immediately, helping stabilize the South Asian country’s ailing economy.

Media reports suggested that the IMF had sought a plan from the government to tax the real estate and agriculture sectors so that the balance could be released. Dar said people associated with the agriculture sector, for which the government has increased the quantum of credit in the budget from Rs 1,800 billion to Rs 2,250 billion, are worried about the report. He added that all pre-actions stipulated by the lender had been completed and the settlement with the IMF was done in a “transparent” manner.

No additional burden will be imposed on the public. All commitments made with the IMF are on the website of the Ministry of Finance. The deal, which has already given some relief to investors in the country’s shares, exchange rate and bonds, will unlock more external financing. Longtime allies Saudi Arabia and the United Arab Emirates have deposited $3 billion in Pakistan’s central bank in the past two days. China has taken a loan of more than $5 billion in the last three months to save the country from default.