InfoAnda - Pakistan faces fresh pressure on taxes for IMF loan

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Pakistan faces fresh pressure on taxes for IMF loan Reuters - Friday, November 5 Send IM Story Print * Reformed general sales tax key to sixth tranche * Public frustration with government running high By Sahar Ahmed KARACHI, Nov 4 - Pakistan is coming under more pressure in talks with the International Monetary Fund to implement a reformed general sales tax as Islamabad attempts to secure the sixth tranche of an $11-billion emergency loan that has kept its economy afloat. President Asif Ali Zardari's weak government needs all the financial help it can get, especially after summer floods caused nearly $10 billion in losses for the U.S. ally. But securing funds from the IMF would mean taking unpopular decisions such as raising tariffs to help generate funds for the power sector and broadening the tax base. Public frustrations already run high with a government critics say is corrupt and ineffective in dealing with crippling power cuts, a Taliban insurgency and deep poverty. IMF and Pakistani officials are holding talks in Islamabad on the possible release of the sixth tranche of the loan agreed in November, 2008. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For Pakistan stories [ID:nAFPAK] Or see link here: http://link.reuters.com/kac58m Pakistan blog: http://blogs.reuters.com/pakistan/ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> "It was always the case, that the sixth tranche would be on the case of progress on RGST ," said a government source, when asked if there were any obstacles in the talks. Pakistan said in June it would replace its general sales tax by the RGST by Oct. 1, but that deadline has slipped to Dec. 1. Another government source familiar with the negotiations said this week that the government was in a position to show progress on some issues of concern to the IMF and a bill on the RSGT would be introduced in parliament soon. Talks on policy-level issues were expected to resume on Thursday. The IMF mission is expected to stay in Pakistan until Friday and then return to Washington to present its findings on the country to its board, which will have final say on the tranche. Pakistan has also agreed to raise electricity tariffs by around 2 percent a month, according to official sources, to try to eliminate its spending of $2 billion annually on power subsidies. The last IMF review was completed in May and the review for the release of the sixth tranche has been delayed since August over several issues, such as an increase in power tariffs and the implementation of the RGST. (For more Reuters coverage of Pakistan, see: http://www.reuters.com/places/pakistan) Recommend Send IM Story Print Related Articles RPT-WRAPUP 2-Coal still king as green power IPO struggles Reuters - 25 minutes ago Global economic activity accelerates in October -PMI Reuters - 32 minutes ago 'Spiral' CT scans reduce smoker deaths - US study Reuters - 37 minutes ago Canada will explain BHP decision early next month Reuters - 37 minutes ago List of bidders for Dogan Yayin sale soon-Dogan Reuters - 38 minutes ago News Search Top Stories Serbian leader apologises at Croatia massacre site Norway best for the good life: UN report ECB, BoE hold rates steady as Fed pumps out funds Deutsche Telekom results underscore iPhone effect Fed resumes massive spending to spur recovery More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Toddler survives seven-floor fall in France Be fit, have fewer colds: study Germany unveils new 'psychic' octopus -- and he's French Google 'Street View' broke Data Protection Act Fed resumes massive spending to spur recovery More Most Viewed » Time, like all good things, may come to an end: study Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France Spectacular unknown species found in Amazon Iranian chocolate thief 'to have hand chopped off' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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