The government on Monday briefed the visiting IMF review mission on digitisation of the Asset Declaration Scheme, in which 10,000 federal government employees are bound to declare their assets till October 30. The review mission reached the federal capital after spending the last week in Karachi where they discussed monetary policy, inflation and exchange rate with the State Bank of Pakistan (SBP) high-ups. In Islamabad, the review mission was briefed that the ongoing Gulf war had slowed down economic activities, causing revenue losses of Rs144 billion in the first quarter of the ongoing fiscal year.

However, the Federal Board of Revenue (FBR) high-ups claimed that they would achieve the first quarter's revenue collection target of Rs3.053 trillion by the end of September 30. Tax collection, according to the sources, might touch Rs1,330 billion against the desired target of Rs1,343 billion, but this figure will help the tax machinery to touch the July-Sept target of Rs3,053 billion by the end of the ongoing month. The mission was briefed by the Establishment Division and the Federal Board of Revenue (FBR) high-ups on the digitization of the Asset Declaration Scheme under Section 15-A of the Civil Servant Act 1973.

The Fund was informed that as many as 10,000 federal civil servants would declare their assets under this mandatory scheme. It will be mandatory for civil servants to declare their assets. These digitized asset declarations will be published by December 2026 or January 2027.

Public servants belonging to provincial services are not part of the scheme at this stage. On the revenue collection front, the Federal Board of Revenue (FBR) high-ups briefed the review mission about the projected revenue collection for the July-September period of the current fiscal year. It was argued that the blockade of the Strait of Hormuz led to fuel price hike and slowdown in economic activities in Pakistan, impacting sales tax and income tax.

According to the Federal Board of Revenue (FBR)'s rough estimates, the ongoing war has caused revenue losses of Rs144 billion.