ISLAMABAD The fate of much debated flood tax would be decided in the coming month of October when World Bank (WB) and Asian Development Bank (ADB) would finalise the Damage & Need Assessment report of the flood-hit areas of the country. Sources informed TheNation here on Saturday that the Government was waiting for the Damage & Need Assessment report of the flood-hit areas of the country before imposing flood tax on salaried and non-salaried class. Sources further told that rate of flood surcharge was not decided yet, however it would be in the range of five to 10 percent. On a query, he said the Government wanted to know the actual loss to the economy, as presently there were different figures and they could not impose new tax without knowing the actual loss. He further told they would impose it only if loss was too high. The WB and ADB are carrying out the Damage and Need Assessment of floods-hit areas of the country in accordance with a request of the Government of Pakistan. The final report having three types of cost including direct damage, indirect losses and reconstruction costs is expected to be completed by mid-October, which would show actual loss caused by heavy floods. Pakistan had also assured International Monetary Fund (IMF) in recent talks at Washington that they would introduce flood surcharge to generate additional revenue in the ongoing financial year 2010-11. Sources told TheNation that IMF clarified to Pakistani delegation that without imposing additional taxes, they would not be able to achieve the annual revenue target in the current fiscal year. It is worth mentioning here that Federal Board of Revenue (FBR) is expecting to fetch Rs 50 to Rs 70 billion revenue by imposing flood surcharge. The flood surcharge would be imposed across the board including salaried and non-salaried classes.