As per official sources, the Central Power Purchasing Agency (CPPA) has submitted a petition to the National Electric Power Regulatory Authority (Nepra), requesting to fix the power purchase price for the next financial year.

The CPPA has presented to Nepra seven scenarios of power purchase price in the petition. Nepra will hear the CPPA petition on May 23.

The power purchase price has been estimated from Rs25.3 to Rs27.11 per unit. A notification in this regard will be issued after approval.

On the other hand, the International Monetary Fund (IMF) has presented new demands to the Government of Pakistan for modernising the tax system.

As per official sources, the IMF has demanded that the sales tax collection in the country should be carried out by a federal agency.

IMF advised provincial tax authorities to take measures to increase tax collection in provinces in collaboration with the Federal Board of Revenue (FBR).

Informed sources say the sales tax system is suffering from defects due to the collection of tax by the centre on goods and by the provinces on services.

The IMF has stressed complete abolition of exemption from sales tax and low rate sales tax.

It has also emphasised to levy an 18 percent sales tax on all goods and services, adding sales tax and income tax is being evaded due to the lack of documentation of supply chain.