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Local experts challenge the IMF’s tax plan with innovative reforms

Islamabad: Contrary to the International Monetary Fund’s (IMF) recommendation to raise tax rates in the next budget to raise an additional Rs 2 trillion, Pakistan’s renowned local experts on Monday unveiled a package that proposes to generate an additional Rs 1.2 trillion with reducing income tax rates and withdrawing certain exemptions. A consortium of distinguished Pakistani tax experts and economists has prepared a package of tax reforms that promise higher revenues without stifling economic growth, businesses and individuals. These experts claim that their proposed reforms will result in a net gain of Rs 4.1 trillion over three years, equivalent to