
In what has emerged as good news for car enthusiasts and the wealthy segment of society, imported cars and luxury items are not going to become more expensive, as Pakistan has dismissed the rollout of a mini-budget.
The mini-budget was reportedly under the government's consideration as a remedy to cure the enormous damage caused by the recent devastating floods across Pakistan.
The proposal of a mini-budget was ruled out by the Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, who clarified that Pakistan is preparing for the upcoming visit of the International Monetary Fund (IMF) mission.
He explained that there is no proposal to enforce additional taxes under a mini-budget.
The clarification comes as a relief to Pakistani consumers, who were bracing for a significant hike in the prices of imported cars, electronics and other luxury goods.
It's worth noting that the government was earlier mulling over the possibility of imposing a flood levy to raise revenue for flood rehabilitation and upcoming projects. Instead, it has now shifted its focus to convincing the IMF to accept income-raising measures through stricter tax enforcement instead of introducing new taxes.
In the wake of the upcoming evaluation, Prime Minister Shehbaz Sharif has directed officials to seek maximum relief from the IMF during the review talks.
The government's aim of securing relief from the IMF and exploring alternative measures to generate revenue suggests a more cautious approach to avoid further financial strain on the already struggling economy.