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Demand to end IMF tax exemptions, concessions

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Demand to end IMF tax exemptions, concessions

The IMF also offered proposals to address the revenue shortfall—Photo: File

Islamabad: The International Monetary Fund (IMF) has called for an end to tax exemptions, exemptions and incentives, along with suggestions to address the revenue shortfall, and Pakistan has assured to increase its tax net.

According to Express News, the talks continued on the second day with the IMF review mission in Islamabad, where the FBR team discussed ways to expand the scope of taxes through trader-friendly scheme, track and trace and vendor tax measures. Informed?

Sources said that in the talks between Pakistan and the International Monetary Fund, the IMF has demanded the government to end tax exemptions, exemptions and incentives and proposals to increase taxes on luxury vehicles, plots and change the tax slab for the salaried class. have given

The IMF has also proposed taxing the property sector, imposing additional tax on plots worth more than Rs 5 crore, abolishing capital gains tax exemption on sale of residential property.

Sources said that the IMF has proposed a change in the tax slab for the salaried class and has demanded an increase in tax on income from Rs 3 lakh to Rs 5 lakh.

IMF has also suggested to increase tax on import of luxury vehicles, increase withholding tax on new vehicles.

The IMF mission says that taxes should be increased on privileged sectors, according to sources, in the talks, the Federal Board of Revenue (FBR) has asked the IMF to increase the tax-to-GDP ratio. Briefing was given.

FBR has assured about bringing the retailers into the tax net under the Trader Friendly Scheme that the registration of traders under the Trader Friendly App scheme has been accelerated and so far 2500 traders have been registered under the scheme.

IMF officials were also apprised of the progress being made to bring more than 570,000 non-filers into the net and informed that the process of blocking the accounts of non-filers is being streamlined.

A working group comprising representatives of FBR, PTA and telecom companies is being formed. The International Monetary Fund was also briefed on the track and trace system implemented in 5 sectors including tobacco, sugar, cement and beverages. went

The IMF has expressed concern over the deficiencies in the implementation of Pakistan’s track and trace system and was informed about the recent action taken against those responsible for the deficiencies in the system.

Discussions on tax structure and tax administration were held between FBR and IMF mission, IMF mission called for implementation report on implementation of track and trace system.

The report given to the Prime Minister’s Office was also submitted to the IMF mission, the IMF has given a deadline for full implementation of the FBR track and trace system in five major sectors.

The IMF Mission has recommended full installation of track and trace system in the next fiscal year, IMF Mission and FBR have agreed to speed up reforms to increase tax net and curb tax evasion.

Discussions between the IMF mission and FBR officials are further underway, a plan will be provided to the IMF mission to bridge the revenue shortfall.

Demand to end IMF tax exemptions, concessions

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