IMF Unhappy With Shortcomings in FBR Track and Trace System

The International Monetary Fund (IMF) Mission isn’t happy with shortcomings in the implementation of the track and trace system by the Federal Board of Revenue (FBR), reliable sources told ProPakistani. These concerns have been shared by the Washington-based lending agency during its current discussions with FBR authorities on tax structure and administration. Sources said the IMF has requested a detailed implementation report on the track and trace system and set a deadline for its complete adoption across five major sectors in the country. The lender has urged for the track and trace system to be fully operational by next fiscal year. While discussions are still at the policy level, both parties have agreed to accelerate reforms to expand the tax net and prevent tax evasion. The IMF Mission will suggest more plans to address revenue shortfall today, sources added.