The International Monetary Fund (IMF) has expressed grave concerns regarding the rampant illicit trade of 120,000 tons of petroleum products each month within Pakistan. Citing well-informed sources relayed to ProPakistani, the IMF has now formally requested an explanation.
In response to this concerning situation, the IMF has taken the initiative to demand a comprehensive report from both the Ministry of Finance and the Federal Board of Revenue (FBR). These requests were made through sources embedded within the tax regulatory body.
The primary objective of this report is to assess the efficacy of measures taken thus far to combat the unlawful trade of petroleum products. The IMF is advocating for a substantial augmentation in both the quantity and capabilities of customs and law enforcement personnel stationed at the border regions.
This strategic approach is deemed essential in rectifying the staggering loss of over Rs. 10 billion in customs duties and taxes, which can be directly attributed to the smuggling of petroleum products.
Furthermore, the IMF has issued stern warnings, stating that if these smuggling activities persist unchecked, it will lead to a substantial revenue deficit. According to the sources, the IMF has also issued explicit directives to both the FBR and the Ministry of Finance, urging them to take immediate and resolute actions to elevate revenue collection and prioritize the suppression of smuggling activities.
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