Govt To Consider New Tax Measures To Generate Additional Rs 300 Billion
Islamabad: The government is considering raising an additional Rs 300 billion in the coming fiscal year. For this purpose, a number of tax measures will be taken in the forthcoming budget.
The measures include a luxury tax on large residences and vehicles; a tax on rental income, alteration in DC rates; and regulatory duties on some items will be increased.
Prime Minister Shehbaz Sharif directed the relevant authorities to concentrate on direct taxation, particularly income tax on the top class. Taxes on rental income are also included in the plans; however, sources indicate that the taxation of the poor will be avoided.
Sources further reveal that incentives will be provided to encourage investment and make conducting business easier.
In order to cut import bills, work is being done to identify luxury products that will be added to the list of banned commodities. The Ministry of Finance, on the other hand, has not confirmed the addition of new products to the list of banned items.
The real estate boom observed in the past few years is also on the radar of taxation for the coming fiscal year. Proposals have been made specifically for property taxations as well.
Although the commerce ministry has stated that there will be no ban on raw materials, businessmen allege that they are experiencing difficulties.
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