Islamabad: The government is considering imposing a wealth tax on moveable assets along with amendments to the taxation systems governing the retail, agriculture, and real estate sectors, a news source reported on October 1.
According to the details, officials have confirmed the government’s intention to materialize the Federal Board of Revenue’s (FBR) ambitious tax collection target of PKR 9.2 trillion, while also aiming to elevate the tax-to-GDP ratio to 15%, equivalent to PKR 13 trillion, within the next two years.
Additionally, the government is considering the rationalization of the Capital Gains Tax (CGT) on immovable property, indicating a likely increase in its rate as part of a broader strategy to boost the country’s tax-to-GDP ratio.
The FBR, in its endeavour to strengthen tax compliance, is working on a comprehensive documentation law. If a consensus is achieved, an ordinance might be promulgated to facilitate this process. Furthermore, the FBR is exploring the simplification of tax returns and withholding tax regimes to streamline the tax collection process.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
