ISLAMABAD: Pakistan has failed to meet International Monetary Fund’s condition to collect Rs 10 billion from traders under new scheme in first quarter of this fiscal year, managing to collect only 0.001 percent of target.

It is rare for an IMF condition to be missed by such large margin, falling short by 99.99 percent, reflecting extremely poor performance by Prime Minister Shehbaz Sharif’s government and raises questions about viability of new $ 7 billion IMF deal.  For July-September quarter of this fiscal year, “Floor on net tax revenues collected by Federal Board of Revenue from retailers under Tajir Dost scheme is Rs 10 billion,” according to IMF.

However, sources said actual collection was not even Rs 1 million, or just 0.001 percent of target. Dismal outcome of Tajir Dost Scheme highlights government’s leniency toward class considered close to ruling party, while salaried individuals are disproportionately burdened by revenue collection efforts.  By mid-October, only 575 traders had paid less than Rs 1.3 million in taxes, making it likely that second-quarter target will also be missed. FBR spokesman Muhammad Bakhtiar did not respond to request for comment.