The Federal Board of Revenue has reached agreements with all provinces on the valuation of immovable properties under the “Pakistan Raises Revenues” initiative. Revised valuation tables will be implemented starting the fiscal year 2024-25 to enhance revenue collection.
Additionally, the tax machinery has agreed with provinces that rates notified by them for immovable properties will be approximately 85 percent determined by FBR itself. Plans are in place to implement the revised valuation tables from July 1, 2024.
The World Bank (WB) and Pakistan have changed the timing and Disbursement Linked Indicators (DLI) for a $400 million loan intended to boost Pakistan’s income generation efforts. Key changes include raising the tax-to-GDP ratio from 8.5 percent to 8.8 percent and implementing digital data-sharing efforts in all provinces.
According to the loan terms, the Federal Board of Revenue (FBR) is required to develop Memorandums of Understanding (MoUs) for automatic data exchange with all four provinces, easing the creation of a unified taxpayer database.
The timeframe for the WB’s “Pakistan Raises Revenues” project has been extended to June 2025 to increase FBR’s total collection as a percentage of GDP to 8.8 percent in FY25.
Customs clearance procedures at borders will now be evaluated based on real-time data, specifically goods declarations cleared within 48 hours. This indicator will be renamed “Efficiency in Customs Clearance of Key Exports and Imports.”
Regarding General Sales Tax (GST), agreements have been reached between the FBR and provinces on input adjustments and digital data-sharing systems to ensure the accuracy and reliability of data. Harmonization of GST and GST on Services (GSTS) has also been achieved.
The responsibility for GST on goods lies with the Center while GST on services is the prerogative of the provinces. The FBR will prepare MoUs and agreements on GST input adjustments, subject to endorsement by the Ministry of Finance with support from the Ministry of Inter-Provincial Coordination.
While agreements between the FBR and provinces will be verified internally, the World Bank will conduct its own review of the MoUs with the provinces to ensure compliance and effectiveness.
They should stop IK’s crime partner malik riaz
All thieves.
As usual, they’re targeting existing taxpayer citizens, and nothing has been released regarding new additions of taxpayers, retail sector, housing society owners, but yeah, they’re enforcing once for non-taxpayers and twice for taxpayers, regrettably.
The famous duo, will loot the public and pay their taxes
Property sale purchase is directly linked with cinstrcution industry which is one of the most revenue generating industry in presebt times. Construction industry has almost 200 plus more diwn the line manyfacturing industry starting from cement till final completion. It is unfortunate that for last more than 18 months this industry is stand still resulting in thoudands of labours skilled and unskilled are out of job and by taxing it will play havoc with country economy and unemployment will be at its peak. So FBR needs to review its policy and provide relief and incentive instead of taxing.