Revenue shortfall due to petroleum products smuggling angers IMF
Business
Asks finance ministry and FBR to take required steps
ISLAMABAD (Dunya News) – With the smuggling of petroleum products in Pakistan reaching 0.15 million tonnes a month, the International Monetary Fund (IMF) has expressed its concerns, sources say, asking the top government authorities to inform about the steps taken to stop the practice.
The sources in the Federal Bureau of Revenue (FBR) say the main worries for the IMF are the resultant reduction in import bill and revenue shortfall, further widening fiscal deficit amid the prevailing economic crisis.
In this connection, the world top lender has asked the finance ministry and the FBR to enhance the capabilities and numbers of the Customs, security forces and other agencies’ personnel stationed along the border
While noting that the cross-border smuggling is resulting in a loss of Rs10 billion due to reduced collections of custom duty and petroleum development levy, the IMF also directed the finance ministry and FBR to increase revenue collection.
