ISLAMABAD: The International Monetary Fund (IMF) has issued a request for a report detailing the actions taken to combat petroleum smuggling.
According to the provided document, the IMF has voiced concerns regarding the illicit monthly movement of 120,000 tons of petroleum products, prompting them to call for a report from both the Ministry of Finance and the FBR (Federal Board of Revenue) regarding the measures implemented to counter this issue.
The document further highlights the IMF’s recommendation to enhance the number and capabilities of customs and agency personnel stationed at the border. It emphasizes that the smuggling of petroleum products results in a loss exceeding 10 billion in customs duties and levies, leading to apprehensions of a revenue shortfall due to reduced import bill contributions.
In response to these concerns, the IMF has insisted on the cessation of the monthly smuggling of 143 million liters of petroleum products. Additionally, the IMF has instructed the FBR and the Finance Ministry to undertake actions aimed at bolstering revenue generation.