2024-05-11 16:46:24
(Web Desk) The Federal Board of Revenue (FBR) has started considering tax on pensioners in the federal budget for the next financial year.
According to media reports, a tax on retired government employees has been proposed in the next fiscal year’s budget. Consider.
According to the IMF, several tax-exempt pension schemes should be withdrawn. Pakistan should collect more taxes of half percent (0.5%) of the gross national product, the total volume of which is 600 billion rupees, and this tax will be collected from the salaried and business class. More emphasis on Pakistan from the IMF. But it is being given that he should focus on increasing the revenue from FBR.
Finance Minister Muhammad Aurangzeb says that the final issues regarding the volume and duration of the new loan from the IMF have not been decided yet, but it will be finalized soon. Following the IMF’s proposal. If the government imposes a tax on the pension of retirees and ends other benefits, it will generate an additional Rs 22 to 25 billion annually.
The Pakistan Tax Bar Association has also said in the budget proposals that tax should be imposed on all incomes, 10% tax should be imposed on more than 100,000 pension holders, this will increase the number of taxpayers, in addition to the holding of immovable property. The period should be withdrawn and capital gains tax should be imposed on every sale and purchase transaction.
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2024-05-11 16:46:24