President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA) and Senior Vice Chairman of the Businessmen Panel of FPCCI Mian Zahid Hussain has said that despite best efforts the government has missed quarterly revenue target set by IMF which may lead to a mini-budget.

He said, “Revenue target of 1071 billion rupees has been missed by 116 billion rupees despite the imposition of new taxes worth 735 billion rupees and holding back refunds.”

Talking to businessmen on Wednesday, Mian Zahid Hussain said that the government abolished zero-rating and took heavy advance from different companies but to no avail.

The tax collected during the last three months was 13.5 percent of Rs123 billion higher as compared to last year but were less than target which may push the government to cut developmental expenditure, he added.

The veteran business leader noted that turning down summary of Ogra to cut oil prices and extension in the last date of filing returns are steps aimed at increasing revenue.

The IMF has also given a target of Rs75 billion refunds which was missed by Rs45 billions pushing many exporters in a liquidity crunch which is to hurt exports.

The PBIF President said that the tax target is not realistic which should be revised otherwise the tensions between the government and the business community would escalate.

Discouraging exports has reduced deficit but it has also reduced revenue which the reservations of the business community on tax measures have also deteriorated the situation.

Mian Zahid further stated that the government has failed to provide energy on economic rates to the export industry despite promises while the real estate and retail sector are shrinking and the double-digit discount rate continues to hit the economy.