Islamabad: As per the latest updates, the International Monetary Fund (IMF) has requested the Federal Board of Revenue (FBR) to remove special tax for the construction industry and go for the regular income tax regime.
Read More: Investment Options in Marshal Tower Peshawar
As per the sources, these tax-related matters were discussed in a meeting between IMF and FBR officials about the second Stand-by-Agreement (SBA) review. Moreover, the IMF has also proposed eradicating FBR`s discretionary powers in order to implement tax incentives.
On the other hand, the IMF has also demanded that FBR consider the cost-to-benefit analysis and make sure to keep the benefits limited to a specific period. Furthermore, the IMF also asked that the eligibility needs for the tax credits relating to specific people and charitable donations must be examined and adjusted well.
In addition, it also requests that the National Tax Council’s authority be expanded to impose provisional tax rules and standardize tax rates. Additionally, the IMF further recommended the formation of a Tax Policy Unit under the Ministry of Finance, Revenue, and Economic Affairs, as well as the protocols for the exchange of data between the FBR and other organizations.
For more news, stay tuned to Topline Marketing.
Pingback: Punjab CM Maryam Nawaz Launches Property Transfer Service for Overseas Pakistanis - Topline Marketing
Pingback: FBR, Karandaaz Pakistan Signed MoU for Digitalization of Tax System - Topline Marketing
Pingback: CDA Introduced New Property Tax System in Islamabad to Boost Revenue - Topline Marketing