Islamabad: The care taker government is currently deliberating the implementation of a wealth tax on movable assets, as well as potential modifications to tax systems within the retail, agriculture, and real estate sectors.
It has been confirmed that the government plans to achieve the Federal Board of Revenue’s (FBR) ambitious goal of collecting PKR 9.2 trillion in taxes. They aim to increase the tax-to-GDP ratio to 15%, equivalent to PKR 13 trillion, in the next two years.
The government is considering raising the Capital Gains Tax (CGT) on immovable property to boost the Pakistan’s tax-to-GDP ratio.
The FBR is developing a comprehensive documentation law to enhance tax compliance. In case a consensus is reached, an ordinance could be issued to facilitate this process. Additionally, the FBR is looking into simplifying tax returns and withholding tax regimes to streamline the tax collection process. For the latest Real Estate News and Blogs, visit Realtorspk blogs.