In Islamabad, The government plans to assess wealth tax on moveable assets, along with making changes to the tax systems that apply to the retail, agriculture, and real estate sectors. This move, as reported on October 1, is part of the government’s efforts to achieve the ambitious tax collection target of PKR 9.2 trillion set by the Federal Board of Revenue (FBR). They also aim to increase the tax-to-GDP ratio to 15%, which amounts to PKR 13 trillion, within the next two years.
Furthermore, the government is contemplating adjustments to the Capital Gains Tax (CGT) on Moveable Assets, which suggests a potential increase in its rate. This change is part of a broader strategy to enhance the overall tax-to-GDP ratio in the country.
In its quest to improve tax compliance,(Wealth Tax on Moveable Assets) the FBR is actively working on a comprehensive documentation law. If a consensus is reached, an ordinance may be enacted to facilitate this process. Additionally, the FBR is exploring ways to simplify tax returns and withholding tax procedures to streamline the tax collection process.
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