Provincial governments have levied a 17 per cent General Sales Tax on certain services, in addition to the FED.

The tax revenue collected by Pakistan could go up by Rs500 billion if the tax system is improved.

Smuggling and under-in­voicing totalling two billion dollars in imports from China have been discovered.

The FBR has agreed in principle to reduce the rate of tturnover tax imposed on distributors.

Pakistan and the IIMF will hold a series of talks from July 15 for release of the sixth loan tranche of $1.2 billion.