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KARACHI: The International Monetary Fund (IMF) resident representative in Pakistan on Friday denied media reports<\/a> that the lending body is planning to ask Pakistan to increase taxes on salaries and business income, and increase the maximum threshold for petroleum levy.<\/p>\n Media reports had been circulating stating that the IMF asked Pakistan to cut the number of tax slabs for the salaried and business class from the existing seven to four, increasing tax incidence on the middle and upper-middle income groups. There have also been reports of an increase in the maximum petroleum development levy.<\/p>\n \u201cThere are no plans at this time,\u201d Esther Perez Ruiz, IMF\u2019s resident representative in Pakistan, told Reuters<\/em> in an email.<\/p>\n The South Asian nation is operating under a caretaker government after an IMF loan programme, approved<\/a> in July, helped avert a sovereign debt default.<\/p>\n Under the $3 billion Stand-by Arrangement (SBA), Pakistan received $1.2 billion from the IMF as the first tranche in July.<\/p>\n