ISLAMABAD: The federal government is likely deciding to push back a planned increase in taxes tied to fertilizer and pesticides, giving some temporary relief to the agriculture sector, for the moment.
In the newest development, the government has already, in writing, told the IMF that it is putting off the suggested tax hike for now.
The steps being discussed had included a 5 percent jump in Federal Excise Duty on fertilizer and pesticides. But, as things stand now, the authorities have chosen to postpone that move.
Officials said to the IMF that fertilizer has strategic importance, so the increase in Federal Excise Duty is being deferred at this stage.
Pakistan has also informed the IMF about the sharp ups and downs in both oil and fertilizer prices, which likely influenced the choice to avoid extra pressure on the farm sector.
This shift matters because if taxes on fertilizer and pesticides had gone up, it would have raised input costs for farmers, and that could have further strained agricultural production overall.
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